Cami Love Phillips 5e Fundamentals of Financial Accounting Gold Standard Course:

ID: 2421859 • Letter: C

Question

Cami Love

Phillips 5e Fundamentals of Financial Accounting Gold Standard Course: FIN ACC 111 Mod 3 2016 9

Mid Term Examination

value:
10.00 points

Show the effect of these transactions on the basic accounting equation. (Enter any decreases to account balances with a minus sign.)

Prepare the journal entries that would be used to record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Mid Term Examination

instructions | help

Explanation / Answer

2 A)

TRANSACTION ANALYSIS

ASSETS

LIABILITIES

STOCKHOLDERS EQUITY

$10,300

$ 10,300

$ 5150

($5150)

($ 3030)

a) cash debit 10,300 and common stock credit for10300

b) equipment debit 5150 and accounts payable credit 5150

c) accounts payable debit 3030 and credit cash 3030