Check my work mode: This shows what is correct or incorrect for the work youhave completed so far. It does not indicate completion. 2 The followingtransactions were completed by the company. a. The owner invested $17, 600cash in the company in exchange for its common stock. 12 b. The companypurchased supplies for $1,150 cash. c. The owner invested $11, 300 ofequipment in the company in exchange for more common stock. d. Thecompany purchased $330 of additional supplies on credit. e. The companypurchased land for $10, 300 cash. Required: Enter the impact of eachtransaction on individual items of the accounting equation. Note: Enterdecreases to account balances with a minus sign. The following transactions were completed by the company.a The owner invested $17600 cash in the company in exchange for its common stock.b. The company purchased supplies for $1,150 chc. The owner invested $11,300 of equipment in the company in exchange for more common stockd. The company purchased $330 of additional supplies on credit.The company purchased land for $10,300 cashRequired:Enter the impact of each transaction on Individual items of the accounting equation.Note: Enter decreases to account balances with a minus sign.TransactionsBalason after and bBalance afterBalance afterBalance arCash$ 17,600+1,10018,75015,450 Ⓒ+35,20015,490$1,650+-10300Ⓒ.51,650PaselsSupplies ++$ 1.100+1,1501,150+++330 +1,400 ++1,480 +Equipment11,300.11.300.11.30011.300+++++Answer is complete but not entirely correct.LibilitiesAccountsPayablLand$D0D|-.-10,30010,300 .$++a +++0330Ⓒ+330++CommonStock$17.60017,80011,300-28,90021,90028,900DividendsD0D0Equity++++++D00ExpensesDD0

Horizontal analysis is a statement that shows the effect of each transaction on the balance sheet…

Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2 The following transactions were completed by the company. a. The owner invested $17, 600 cash in the company in exchange for its common stock. 12 b. The company purchased supplies for $1,150 cash. c. The owner invested $11, 300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10, 300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign.

Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 2 The following transactions were completed by the company. a. The owner invested $17, 600 cash in the company in exchange for its common stock. 12 b. The company purchased supplies for $1,150 cash. c. The owner invested $11, 300 of equipment in the company in exchange for more common stock. d. The company purchased $330 of additional supplies on credit. e. The company purchased land for $10, 300 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following information for Exercises 13-14 below. (Algo) Skip to question [The following information applies to the questions displayed below.]The transactions of Spade Company appear below. K. Spade, owner, invested $13,500 cash in the company in exchange for common stock. The company purchased supplies for $392 cash. The company purchased $7,466 of equipment on credit. The company received $1,593 cash for services provided to a customer. The company paid $7,466 cash to settle the payable for the equipment purchased in transaction c. The company billed a customer $2,862 for services provided. The company paid $535 cash for the monthly rent. The company collected $1,202 cash as partial payment for the account receivable created in transaction f. The company paid a $1,100 cash dividend to the owner (sole shareholder).
I am assuming here some of the business transactions as below: Aug 1 Business started with Capital $ 100,000 Aug 5 Equipment purchased with cash $ 20,000 Aug 10 Goods purchased on account $ 20,000 Aug 15 Goods sold on cash $ 25,000 Aug 20 Cash Paid for Goods purchased on 10 august $ 20,000 Aug 25 Cash paid for Rent $ 10,000 Aug 30 Salaries paid to staff $ 10,000 now lets see impact on accounting Equation of above transactions. Accounting Equation Assets = Equity + Liability Cash + Account receivables + Equipment = Capital + Retained earnings + Accounts payable Aug-01 1,00,000 + + = 1,00,000 + + Aug-05 -20000 + + 20,000 = + + Aug-10 + + = + -20,000 + 20,000 Aug-15 25,000 + + = + 25000 + Aug-20 -20,000 + + = + + -20000 Aug-25 -10,000 + + = + -10000 + Aug-30 -10000 + + = + -10000 + Total 65,000 + 0 20,000 = 1,00,000 -15,000…
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $63,000 cash and equipment valued at $39,000 in the company. b. The company purchased a building for $41,000 cash. c. The company purchased equipment for $5,400 cash. d. The company purchased $3,100 of supplies and $1,100 of equipment on credit. e. The company paid $870 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,600 for the service. g. The company designed a financial plan for another client and immediately collected a $8,400 cash fee. h. L. Lopez withdrew $1,400 cash from the company for personal use. i. The company received $3,600 cash as partial payment from the client described in transaction f j. The company made a partial payment of $550 cash on the equipment purchased in transaction d k. The company paid $1,800 cash for the secretary's wages for this period.…
Do not give answer in image
Martin's Mail Service purchased equipment for $8,000. Martin paid $1,000 in cash and signed a note for the balance. Martin debited the Equipment account, credited Cash and a. nothing further must be done. b. debited the retained earnings account for $7,000. C. credited another asset account for $1,000. d. credited a liability account for $1,000. 84.
7. Purchased more office supplies from General Office Company for $1,500 on account. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for Describe the impact on company value Maquoketa Services adds a liability (Accounts Payable) for $1,500 pertaining to office supplies. Describe the portions of the transaction occurring currently and describe portions of transaction that is being deferred (postponed) Was cash exchanged in the transaction?
June 1 Sarah Walker, the owner, invested $112,000 cash, office equipment with a value of $8,000, and $66,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $52,000 for an office by paying $10,500 cash and signing a long-term note payable for $41,500. June 3 The company purchased a portable building with $52,000 cash and moved it onto the land acquired on June 2. June 4 The company paid $4,800 cash for the premium on an 18-month insurance policy. June 5 The company completed and delivered a set of plans for a client and collected $8,600 cash. June 6 The company purchased $23,600 of additional drafting equipment by paying $12,500 cash and signing a long-term note payable for $11,100. June 7 The company completed $18,800 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $1,450 of additional office equipment on credit. June 9 The company completed…
Directions: Below are the economic transaction of Garcia’s Car Accessories and Services. Aug. 1 Garcia invested P48,000 cash in the business. 1 Rented office space and paid P800 cash for the August rent. 3 Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying P1,500 cash. 6 Completed exploration work and immediately collected P420 cash for the work. 8 Purchased P1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount of P8,000. 18 Purchased P700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client P2,400 for work completed; the balance is due in 30 days. 28 Received P5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of P1,100 cash for this month. 30 Paid P340 cash for this month’s utility bill. 30 Garcia withdrew P1,050 cash from the business for personal…
Every blank needs to be filled please and thank you.
The following financial information is from Cook Company: Accounts Payable Land Inventory Accounts Receivable Equipment Deferred Revenue Short-Term Investments Notes Receivable (due in 8 months) Interest Payable Patents $ 55,000 90,000 10,500 7,500 8,000 58,500 20,000 45,500 2,000 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $16,580 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $9,000 I. Lawson, Withdrawals 5,300 Services revenue 7,300 Rent expense 3,720 Wages expense 16,580 $ Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $17,880. LAWSON CONSULTING Balance Sheet 0 Total equity $ 2,300 14,400 2,800 8,000 $ 0 0
I dont need work answers only.