Tagit Corporation had the following transactions. Indicate how much the accounts
ID: 2394018 • Letter: T
Question
Tagit Corporation had the following transactions. Indicate how much the accounts are increased or decreased by each transaction. (Put the amount of the change in the blank. Use a negative (-) sign to show a decrease. Leave the account blank if it is not affected.) A) The owner contributed $10,400 B) The Company purchase cash to the company in exchange for equipment for $2,800 cash. How does common stock. How does this affect this affect the following accounts? the following accounts? Cash Cash Supplies Equipment Accounts Receivable Accounts Payable Notes Payable Common Stock Revenue Rent Expense Dividends Supplies Equipment Accounts Receivable Accounts Payable Notes Payable Common Stock Revenue Rent Expense DividendsExplanation / Answer
(A) The Owner contributed $10,400 cash to the company in exchange for common stock
Cash
$10,400
Supplies
Equipment
Accounts Receivable
Accounts Payable
Notes Payable
Common Stock
$10,400
Revenue
Rent Expense
-
Dividends
-
(B) The Company purchases the equipment for $2,800 cash
Cash
- $2,800
Supplies
Equipment
$2,800
Accounts Receivable
Accounts Payable
Notes Payable
Common Stock
Revenue
Rent Expense
Dividends
(C) The Company purchases $3,100 of supplies for cash
Cash
- $3,100
Supplies
$3,100
Equipment
Accounts Receivable
Accounts Payable
Notes Payable
Common Stock
Revenue
Rent Expense
Dividends
(D) The Company purchases $4,100 of supplies on account with a local supplier
Cash
Supplies
$4,100
Equipment
Accounts Receivable
Accounts Payable
$4,100
Notes Payable
Common Stock
Revenue
Rent Expense
Dividends
(E) The Company pays the supplier $4,100 from the supplier purchased above
Cash
- $4,100
Supplies
Equipment
Accounts Receivable
Accounts Payable
- $4,100
Notes Payable
Common Stock
Revenue
Rent Expense
Dividends
(A) The Owner contributed $10,400 cash to the company in exchange for common stock
Cash
$10,400
Supplies
Equipment
Accounts Receivable
Accounts Payable
Notes Payable
Common Stock
$10,400
Revenue
Rent Expense
-
Dividends
-
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