Question

Check my work QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner invested $15,600 cash in the company in exchange for its common stock. b. The company purchased supplies for $650 cash. c. The owner invested $10,300 of equipment in the company in exchange for more common stock d. The company purchased $230 of additional supplies on credit. e. The company purchased land for $9,300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities AccountsStock CashSupplies EquipmentLand - Dividends+Revenue - Expenses PayableCommon b. Bal C. < Prev 4of 12 Next>

Answer 1

Answer

	Cash	Supplies	Equipment	Land	Accounts Payable	Common Stock	Dividends	Revenues	Expenses
[a]	$15,600					$15,600
[b]	($650)	$650
Bal	$14,950	$650	$0	$0	$0	$15,600	$0	$0	$0
[c]			$10,300			$10,300
Bal	$14,950	$650	$10,300	$0	$0	$25,900	$0	$0	$0
[d]		$230			$230
Bal	$14,950	$880	$10,300	$0	$230	$25,900	$0	$0	$0
[e]	($9,300)			$9,300
Bal	$5,650	$880	$10,300	$9,300	$230	$25,900	$0	$0	$0