Question

Exercise 1-11 Identifying effects of transactions on the accounting equation LO P1 The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique, Match the given transaction with its probable description Assets - Liabilities + Equity Accounts Payable $ 0 Common + Stock • $ 43,000 + Revenues + 4 + 1,000 Accounts Office Canh + Receivable + Supplies + Land $ 21,000+ $ 0 + $3,000 + $ 19,000 - 1. - 4.000 4,000 2. 1,000 + 1,900 4.- 1,000 5. + 1,900 1,900 $17.900 + $ 0 + $4,000 + $ 23,000 1,900 -1.000 0 $ 43,000 $1,900 Description Transaction 1 2 3 4 5

Answer 1

Answer :

Transaction	Description
1.	Bought land for cash $4000.
2.	Purchased office supplies worth $1,000 on account.
3.	Credit sales worth $1,900
4.	Paid $1,000 for office supplies purchased on account.
5.	Received cash $1,900 for the credit sales .