Brief Exercise 3-3 Your answer is partially correct. Try again. During 2017, Cra

Question

Brief Exercise 3-3 Your answer is partially correct. Try again. During 2017, Crane Company entered into the following transactions. 1. Purchased equipment for $328,760 cash 2. Issued common stock to investors for $135,970 cash. 3. Purchased inventory of $72,280 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liabifity or Equity item that was reduced. See Illustration 3-3 for example.) Assets - Liabilities+ Cash nventory Equipment Accounts Payable Common Stock + Retained Earnings 3,28,760 3,28,760 1,35,970 1,35,97 72,280 72,80

Explanation / Answer

Your answer is absolutely correct. Don’t know why it is showing red Only wrong input by you is under Accounts payable.. It should be 72,280 instead of 7280 Dear Student Thank you for using Chegg Please find below the answer Assets Liabilities + Stockholders Equity Cash +   Inventory + Equipment =   Accounts Payable +   Common Stock + Retained Earnings -328,760 +328,760 +135,970 +135,970 +72,280 +72,280

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