1. Received $50,000 cash and issued stock to the owners 2. Paid $40,000 cash for land Bought $3,700 of supplies on account Received $7,000 cash from 4. customers for service revenue earned Performed services for customers on account, $3,000 3. 11. For each Item, Indicate the impact of that transaction on assets, llabilities, and equity. Assume that all transactions, unless stated otherwise, are in cash. 5. Transaction Paid cash expenses: rent, $1,100; 6. employee salary, $1,200; utilities, $400 Assets (increase + or decrease-) = Liabilities (increase + or decrease -) + Equity (increase + or decrease -)

1. Received $50,000 cash and issued stock to the owners 2. Paid $40,000 cash for land Bought $3,700 of supplies on account Received $7,000 cash from 4. customers for service revenue earned Performed services for customers on account, $3,000 3. 11. For each Item, Indicate the impact of that transaction on assets, llabilities, and equity. Assume that all transactions, unless stated otherwise, are in cash. 5. Transaction Paid cash expenses: rent, $1,100; 6. employee salary, $1,200; utilities, $400 Assets (increase + or decrease-) = Liabilities (increase + or decrease -) + Equity (increase + or decrease -)

Name: question attached in the screenshotthanks!... 1.N2.3.4.5.11. For each
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Description: question attached in the screenshotthanks!... 1.N2.3.4.5.11. For each Item, Indicate the Impact of that transaction on assets, llabilities, and equity. Assumethat all transactions, unless stated otherwise, are in cash.TransactionReceived $50,000 cash

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.10E: Components of the Statement of Cash Flows Identify each of the following items as operating (O),...

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