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Assets following (d): $32,200 EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner’s Equity . After each transaction, show the new totals. (a) Invested cash in the business, $27,000. (b) Bought office equipment on account, $7,500. (c) Bought office equipment for cash, $1,600. (d) Paid cash on account to supplier in transaction (b), $2,300.

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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 2, Problem 3SEA
Textbook Problem

Assets following (d): $32,200

EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner’s Equity. After each transaction, show the new totals.

(a) Invested cash in the business, $27,000.

(b) Bought office equipment on account, $7,500.

(c) Bought office equipment for cash, $1,600.

(d) Paid cash on account to supplier in transaction (b), $2,300.

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Chapter 2 Solutions

College Accounting, Chapters 1-27
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