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Business
AccountingCornerstones of Financial Accounting4th Edition

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Chapter 2, Problem 47E
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
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Problem 14MCQ
Problem 15MCQ
Problem 16CE
Problem 17CE
Problem 18CE
Problem 19CE
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Problem 21CE
Problem 22CE
Problem 23CE
Problem 24CE
Problem 25CE
Problem 26CE
Problem 27BE
Problem 28BE
Problem 29BE
Problem 30BE
Problem 31BE
Problem 32BE
Problem 33BE
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Problem 35E
Problem 36E
Problem 37E
Problem 38E
Problem 39E
Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55APSA
Problem 56APSA
Problem 57APSA
Problem 58APSA
Problem 59APSA
Problem 60APSA
Problem 61APSA
Problem 62APSA
Problem 55BPSB
Problem 56BPSB
Problem 57BPSB
Problem 58BPSB
Problem 59BPSB
Problem 60BPSB
Problem 61BPSB
Problem 62BPSB
Problem 63.1C
Problem 63.2C
Problem 63.3C
Problem 64.1C
Problem 64.2C
Problem 64.3C
Problem 64.4C
Problem 65.1C
Problem 65.2C
Problem 66.1C
Problem 66.2C
Problem 66.3C
Problem 67.1C
Problem 67.2C
Problem 67.3C
Problem 68.1C
Problem 68.2C
Problem 69.1C
Problem 69.2C
Problem 69.3C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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OBJECTIVE 9 Exercise 2-47 Debit and Credit Effects of Transactions

Lincoln Corporation was involved in the following transactions during the current year:

  1. Lincoln borrowed cash from the local bank on a note payable.
  2. Lincoln purchased operating assets on credit.
  3. Lincoln paid dividends in cash.
  4. Lincoln purchased supplies inventory on credit.
  5. Lincoln used a portion of the supplies purchased in Transaction d.
  6. Lincoln provided services in exchange for cash from the customer.
  7. A customer received services from Lincoln on credit.
  8. The owners invested cash in the business in exchange for common stock.
  9. The payable from Transaction d was paid in full.
  10. The receivable from Transaction g was collected in full.
  11. Lincoln paid wages in cash.

Required:

Prepare a table like the one shown below and indicate the effect on assets, liabilities, and stock-holders, equity. Be sure to enter debits and credits in the appropriate columns for each of the transactions. Transaction a is entered as an example:

Chapter 2, Problem 47E, OBJECTIVE 9 Exercise 2-47 Debit and Credit Effects of Transactions Lincoln Corporation was involved

To determine

Introduction:

The accounting equation suggests that the assets must be equal to the addition of liabilities and stockholders’ equity. A business transaction is recorded and presented in financial statement when it affects the elements of the accounting equation.

To Prepare :

Prepare the table to show the effects the transactions on assets, liabilities, and stockholders’ equity.

Explanation
    ParticularIncreaseDecrease
    AssetsDebitCredit
    LiabilitiesCredit

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Ch-2 P-1DQCh-2 P-2DQCh-2 P-3DQCh-2 P-4DQCh-2 P-5DQCh-2 P-6DQCh-2 P-7DQCh-2 P-8DQCh-2 P-9DQCh-2 P-10DQ
Ch-2 P-11DQCh-2 P-12DQCh-2 P-13DQCh-2 P-14DQCh-2 P-15DQCh-2 P-16DQCh-2 P-17DQCh-2 P-18DQCh-2 P-19DQCh-2 P-20DQCh-2 P-21DQCh-2 P-22DQCh-2 P-1MCQCh-2 P-2MCQCh-2 P-3MCQCh-2 P-4MCQCh-2 P-5MCQCh-2 P-6MCQCh-2 P-7MCQCh-2 P-8MCQCh-2 P-9MCQCh-2 P-10MCQCh-2 P-11MCQCh-2 P-12MCQCh-2 P-13MCQCh-2 P-14MCQCh-2 P-15MCQCh-2 P-16CECh-2 P-17CECh-2 P-18CECh-2 P-19CECh-2 P-20CECh-2 P-21CECh-2 P-22CECh-2 P-23CECh-2 P-24CECh-2 P-25CECh-2 P-26CECh-2 P-27BECh-2 P-28BECh-2 P-29BECh-2 P-30BECh-2 P-31BECh-2 P-32BECh-2 P-33BECh-2 P-34BECh-2 P-35ECh-2 P-36ECh-2 P-37ECh-2 P-38ECh-2 P-39ECh-2 P-40ECh-2 P-41ECh-2 P-42ECh-2 P-43ECh-2 P-44ECh-2 P-45ECh-2 P-46ECh-2 P-47ECh-2 P-48ECh-2 P-49ECh-2 P-50ECh-2 P-51ECh-2 P-52ECh-2 P-53ECh-2 P-54ECh-2 P-55APSACh-2 P-56APSACh-2 P-57APSACh-2 P-58APSACh-2 P-59APSACh-2 P-60APSACh-2 P-61APSACh-2 P-62APSACh-2 P-55BPSBCh-2 P-56BPSBCh-2 P-57BPSBCh-2 P-58BPSBCh-2 P-59BPSBCh-2 P-60BPSBCh-2 P-61BPSBCh-2 P-62BPSBCh-2 P-63.1CCh-2 P-63.2CCh-2 P-63.3CCh-2 P-64.1CCh-2 P-64.2CCh-2 P-64.3CCh-2 P-64.4CCh-2 P-65.1CCh-2 P-65.2CCh-2 P-66.1CCh-2 P-66.2CCh-2 P-66.3CCh-2 P-67.1CCh-2 P-67.2CCh-2 P-67.3CCh-2 P-68.1CCh-2 P-68.2CCh-2 P-69.1CCh-2 P-69.2CCh-2 P-69.3C

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