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10-15 (Static) Financial statement impact of note transactions LO C1 ze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation ecifically, identify the accounts and amounts (including + or -) for each transaction. Date nuary 1 ember 31 Cash Cash Assets (+) increase (-) decrease = Notes payable 340,000 85,155= Notes payable Liabilities (+) increase (-) decrease 340,000 + 57,955 Equity

10-15 (Static) Financial statement impact of note transactions LO C1 ze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation ecifically, identify the accounts and amounts (including + or -) for each transaction. Date nuary 1 ember 31 Cash Cash Assets (+) increase (-) decrease = Notes payable 340,000 85,155= Notes payable Liabilities (+) increase (-) decrease 340,000 + 57,955 Equity

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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How do I get to the equity?

Use the following information for the Quick Studies below. (Static) [The following information applies to the questions displayed below.] On January 1, MM Company borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each. S 10-15 (Static) Financial statement impact of note transactions LO C1 nalyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation specifically, identify the accounts and amounts (including + or -) for each transaction. Date January 1 December 31 Cash Cash Assets (+) increase (-) decrease 340,000 = 85,155 = Notes payable Notes payable Liabilities (+) increase (-) decrease 340,000 57,955 + + Equity
Transcribed Image Text:Use the following information for the Quick Studies below. (Static) [The following information applies to the questions displayed below.] On January 1, MM Company borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each. S 10-15 (Static) Financial statement impact of note transactions LO C1 nalyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation specifically, identify the accounts and amounts (including + or -) for each transaction. Date January 1 December 31 Cash Cash Assets (+) increase (-) decrease 340,000 = 85,155 = Notes payable Notes payable Liabilities (+) increase (-) decrease 340,000 57,955 + + Equity
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