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BusinessCourse Return to course Question 5 Not complete Marked out of 3.00 P Flag question Recording Transactions with the Accounting Equation During the year, the Riley Company experienced the following accounting transactions: 1. Purchased equipment with cash in the amount of $198,000. 2. Purchased supplies on account in the amount of $18,000. 3. Collected $23,400 cash from customers. 4. Paid a cash dividend of $13,200. Using the accounting equation, record each of the transactions in columnar format using the following Note: Use negative signs with your answers, when appropriate. Assets = Liabilities + Stockholders' Equity Accounts Accounts Retained Cash • Receivable + Supplies - Equipment = Payable + Earnings WN OOO Check O Type here to search He #

Answer 1

Solution:-

Sr. No.	Cash +	Account Receivable +	Supplies +	Equipment =	Accounts payable +	Shareholder's Equity Retained Earnings
1	-198,000	0	0	198,000	0	0
2	-18,000	0	18,000	0	0	0
3	23,400	-23,400	0	0	0	0
4	-13,200	0	0	0	0	-13,200

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