I need help determining the impact on equity for each transaction. options are n

Question

I need help determining the impact on equity for each transaction. options are no change, increased equity revenue, increase equity owner investment, decreased equity expense, decreased equity owner withdrawal. I know that 2,3,5,9,10,11,13 are wrong and need to be different-HELP please!

Transaction Impact on Equity Sept. 1) Collins invested $132,000 cash along with office equipment valued at $27,400 in a new sole proprietorship named CC Consulting Increased equity-Owner investment 159,400 Sept. 3) The company purchased land valued at $40,000 and a building valued at $162,400. The purchase is paid with $32,400 Increased equity - Revenue cash and a long-term note payable for $170,000 Sept. 5) The company purchased $4,400 of office supplies on credit. Increased equity - Revenue Increased equity - Owner investment Increased equity - Revenue Decreased equity - Expense Increased equity - Revenue Decreased equity - Expense Increased equity - Revenue Increased equity - Revenue No change in equity Decreased equity - Expense Increased equity - Revenue Decreased equity - Owner withdrawal Sept. 7) Collins invested a personal automobile in the company. The automobile has a value of $21,300 and is to be 21,300 exclusively in the business. Sept. 9) The company purchased $9,300 of additional office equipment on credit. Sept. 11) The company paid $2,250 cash salary to arn (2,250) 6,300 (1,400) assistant. Sept. 13) The company provided services to a client and collected $6,300 cash Sept. 15) The company paid $1,400 cash for this month's utilities Sept. 17) The company paid $4,400 cash to settle the account payable created on September 5 Sept. 19) The company purchased $20,300 of new office equipment by paying $20,300 cash Sept. 21) The company completed $7,000 of services for a client, who must pay within 30 days Sept. 23) The company paid $2,250 cash salary to an assistant. Sept. 25) The company received $5,000 cash in partial payment on the receivable created on September 21 Sept. 27) Collins withdrew $2,800 cash from the company for personal use (2,250) (2,800)

Explanation / Answer

Answers

Transaction

Impact on Equity

Sep-01

Increased Equity - Owner Investment

$                                     1,59,400.00

Sep-03

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-05

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-07

Increased Equity - Owner Investment

$                                         21,300.00

Sep-09

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-11

Decreased Equity - Expense

$                                         (2,250.00)

Sep-13

Increased Equity - Revenue

$                                           6,300.00

Sep-15

Decreased Equity - Expense

$                                         (1,400.00)

Sep-17

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-19

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-21

Increased Equity - Revenue

$                                           7,000.00

Sep-23

Decreased Equity - Expense

$                                         (2,250.00)

Sep-25

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-27

Decreased Equity - Owner's Withdrawal

$                                         (2,800.00)

Transaction

Impact on Equity

Sep-01

Increased Equity - Owner Investment

$                                     1,59,400.00

Sep-03

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-05

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-07

Increased Equity - Owner Investment

$                                         21,300.00

Sep-09

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-11

Decreased Equity - Expense

$                                         (2,250.00)

Sep-13

Increased Equity - Revenue

$                                           6,300.00

Sep-15

Decreased Equity - Expense

$                                         (1,400.00)

Sep-17

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-19

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-21

Increased Equity - Revenue

$                                           7,000.00

Sep-23

Decreased Equity - Expense

$                                         (2,250.00)

Sep-25

No Change On Equity as only Assets and Liabilities are affected

$                                                        -  

Sep-27

Decreased Equity - Owner's Withdrawal

$                                         (2,800.00)

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