fill in the chart correctly E Assignments ACCTG4A xCH 1 Quiz

fill in the chart correctly

E Assignments: ACCTG-4A xCH 1 Quiz (--) ? ezto.mheducation.com/hm.tpx Solved: Answer each of t QS 1-11 Identitying ettects of transactions using accounting equation-Assets and Liabilities L The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,000 cash in the company in exchange for its common stock. b. The company purchased supplies for $500 cash. c. The company purchased $10,000 in equipment on credit (record liability as Note Payable). d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets abilities Accounts Payable Commo Stock Cash Supplies Equipment+ Land Payable Bal

Solution

Assets

Liabilities

Equity

Transaction

Cash

Supplies

Equipment

Land

Accounts Payable

Notes Payable

Common Stock

Dividends

Revenues

Expenses

a

$    15,000.00

$    15,000.00

b

$        (500.00)

$          500.00

Balance

$    14,500.00

$          500.00

$                 -  

$                 -  

$               -  

$                   -  

$    15,000.00

$               -  

$                 -  

$               -  

c

$ 10,000.00

$    10,000.00

Balance

$    14,500.00

$          500.00

$ 10,000.00

$                 -  

$               -  

$    10,000.00

$    15,000.00

$               -  

$                 -  

$               -  

d

$          200.00

$     200.00

Balance

$    14,500.00

$          700.00

$ 10,000.00

$                 -  

$     200.00

$    10,000.00

$    15,000.00

$               -  

$                 -  

$               -  

e

$    (9,000.00)

$    9,000.00

Balance

$      5,500.00

$          700.00

$ 10,000.00

$    9,000.00

$     200.00

$    10,000.00

$    15,000.00

$               -  

$                 -  

$               -  

Balance sheet

Assets

Cash

$      5,500.00

Supplies

$          700.00

Equipment

$    10,000.00

Land

$      9,000.00

Total Assets

$    25,200.00

Liabilities

Accounts Payable

$          200.00

Notes Payable

$    10,000.00

Common Stock

$    15,000.00

Total Equity and Liabilities

$    25,200.00

	Assets	Liabilities	Equity
Transaction	Cash	Supplies	Equipment	Land	Accounts Payable	Notes Payable	Common Stock	Dividends	Revenues	Expenses
a	$    15,000.00						$    15,000.00
b	$        (500.00)	$          500.00
Balance	$    14,500.00	$          500.00	$                 -	$                 -	$               -	$                   -	$    15,000.00	$               -	$                 -	$               -
c			$ 10,000.00			$    10,000.00
Balance	$    14,500.00	$          500.00	$ 10,000.00	$                 -	$               -	$    10,000.00	$    15,000.00	$               -	$                 -	$               -
d		$          200.00			$     200.00
Balance	$    14,500.00	$          700.00	$ 10,000.00	$                 -	$     200.00	$    10,000.00	$    15,000.00	$               -	$                 -	$               -
e	$    (9,000.00)			$    9,000.00
Balance	$      5,500.00	$          700.00	$ 10,000.00	$    9,000.00	$     200.00	$    10,000.00	$    15,000.00	$               -	$                 -	$               -