FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following transactions were completed by the company:
a. The owner invested $17,600 cash in the company.
b. The company purchased supplies for $1,150 cash.
c. The owner invested $11,300 of equipment in the company in exchange for more common stock.
d. The company purchased $330 of additional supplies on credit.
e. The company purchased land for $10,300 cash.
Required:
Enter the impact of each transaction on individual items of the accounting equation.
Note: Enter decreases to account balances with a minus sign.
a.
b.
Balance after a and b
C.
Transactions Number
Balance after c
d.
Balance after d
e.
Balance after e
Cash
0
0
+
0
+
+
+
+
+
+
0 +
+
Assets
Supplies
0
0
+ Equipment +
0
+
+
+
0 +
+
+
+
+
+
0
0
+
0
+
+
+
+
0 +
+
+
Land
0
0
=
II
0
11
11
11
0 =
11
||
11
||
Liabilities +
Accounts
Payable
0
+
+
0
+
+
+
0 +
+
0 +
+
+
Common
Stock
0
0
0
0
I
-
-
1
I
1
Equity
Dividends
0
+
0
+
+
+
+
0 +
+
+
+
0 +
Revenue
0
0
0
0
-
T
-
I
I
F
Expenses
0
0
0
0
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Transcribed Image Text:The following transactions were completed by the company: a. The owner invested $17,600 cash in the company. b. The company purchased supplies for $1,150 cash. c. The owner invested $11,300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Balance after a and b C. Transactions Number Balance after c d. Balance after d e. Balance after e Cash 0 0 + 0 + + + + + + 0 + + Assets Supplies 0 0 + Equipment + 0 + + + 0 + + + + + + 0 0 + 0 + + + + 0 + + + Land 0 0 = II 0 11 11 11 0 = 11 || 11 || Liabilities + Accounts Payable 0 + + 0 + + + 0 + + 0 + + + Common Stock 0 0 0 0 I - - 1 I 1 Equity Dividends 0 + 0 + + + + 0 + + + + 0 + Revenue 0 0 0 0 - T - I I F Expenses 0 0 0 0
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