The following transactions were completed by the company.a. The owner (Alex Carr) invested $15,400 cash in the company.b. The company purchased supplies for $600 cash.c. The owner (Alex Carr) invested $10,200 of equipment in the company.d. The company purchased $220 of additional supplies on credit.e. The company purchased land for $9,200 cash.Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances withminus sign.)AssetsLiabilitiesEquity+A. Carr,CapitalA. Carr,+ Equipment +Accounts+PayableCash+SuppliesLand+RevenueExpensesWithdrawalsа.++++b.++++%3DBal.++++%DС.++++%DBal.++++%3Dd.++++%DBal.+++++%3Dе.+++%3D++Bal.+IIIIII

Name: The following transactions were completed by the company.a. The owner
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Description: The following transactions were completed by the company.a. The owner (Alex Carr) invested $15,400 cash in the company.b. The company purchased supplies for $600 cash.c. The owner (Alex Carr) invested $10,200 of equipment in the company.d. The compa

Answered: The following transactions were…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 15EB: Discuss how each of the following transactions will affect assets, liabilities, and stockholders...

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The following transactions were completed by the company.
a. The owner (Alex Carr) invested $15,400 cash in the company.
b. The company purchased supplies for $600 cash.
c. The owner (Alex Carr) invested $10,200 of equipment in the company.
d. The company purchased $220 of additional supplies on credit.
e. The company purchased land for $9,200 cash.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with
minus sign.)
Assets
Liabilities
Equity
+
A. Carr,
Capital
A. Carr,
+ Equipment +
Accounts
+
Payable
Cash
+
Supplies
Land
+
Revenue
Expenses
Withdrawals
а.
+
+
+
+
b.
+
+
+
+
%3D
Bal.
+
+
+
+
%D
С.
+
+
+
+
%D
Bal.
+
+
+
+
%3D
d.
+
+
+
+
%D
Bal.
+
+
+
+
+
%3D
е.
+
+
+
%3D
+
+
Bal.
+
II
II
II

Expert Solution

Step 1

The accounting equation refers to the equation of the balance sheet. It is based on the method of total assets equal to total liabilities and equity. It is also considered as the foundation of a double-entry accounting system as it ensures the balance between, total assets and total liabilities.

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