Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction ("+" for an increase, "-" for a decrease, or "NC" for no change) in each box of the table below. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positive numbers. Owner's Equity Transaction Assets Liabilities a. Shiny Kar withdrew $500 cash for food. Shiny Kar Company sold 2 cars for a total of b. $55,000 on account. Shiny Kar received a $35,000 payment for a car C. $4 previously sold on account. d. Shiny Kar paid $450 for advertising. Shiny Kar purchased $150 of cleaning supplies on e. account.

Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction ("+" for an increase, "-" for a decrease, or "NC" for no change) in each box of the table below. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positive numbers. Owner's Equity Transaction Assets Liabilities a. Shiny Kar withdrew $500 cash for food. Shiny Kar Company sold 2 cars for a total of b. $55,000 on account. Shiny Kar received a $35,000 payment for a car C. $4 previously sold on account. d. Shiny Kar paid $450 for advertising. Shiny Kar purchased $150 of cleaning supplies on e. account.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.3E: The Effect of Transactions on the Accounting Equation For each of the following transactions,...

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