Using the accounting equation for transaction analysis [20-25 min]
Alterri Mechanical, Corp., was recently formed as a corporation. The balance of each item in the company’s accounting equation is shown for November 1 and for each of the following business days:
| Cash | Accounts receivable | Supplies | Land | Accounts payable | Common stock | Retained earnings |
Nov 1 | $3,000 | $7,300 | $ 1,100 | $12,000 | $4,300 | $13,000 | $6,100 |
4 | 6,000 | 7,300 | 1,100 | 12,000 | 4,300 | 16,000 | 6,100 |
9 | 3,000 | 7,300 | 1,100 | 15,000 | 4,300 | 16,000 | 6,100 |
13 | 3,000 | 7,300 | 1,300 | 15,000 | 4,500 | 16,000 | 6,100 |
16 | 1,300 | 7,300 | 1,300 | 15,000 | 2,800 | 16,000 | 6,100 |
19 | 2,200 | 6,400 | 1,300 | 15,000 | 2,800 | 16,000 | 6,100 |
22 | 10,200 | 6,400 | 1,300 | 15,000 | 2,800 | 24,000 | 6,100 |
25 | 9,700 | 6,400 | 1,300 | 15,000 | 2,300 | 24,000 | 6,100 |
27 | 9,100 | 6,400 | 1,900 | 15,000 | 2,300 | 24,000 | 6,100 |
30 | 3,600 | 6,400 | 1,900 | 15,000 | 2,300 | 24,000 | 600 |
1. A single transaction took place on each day. Briefly describe the transaction that most likely occurred on each day, beginning with November 4. Indicate which accounts were increased or decreased and by what amounts. Assume that no revenue or expense transactions occurred during the month.
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