Question

Consider the following transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction details. Determine the new balance for each component of the accounting equation resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.
Transaction
Assets =
Liabilities +
Stockholders' Equity
Beginning $0 $0 $0
1. Investment in the business
2. Borrow cash
3. Purchase equipment
4. Revenues earned
5. Expenses incurred
6. Dividends

Answer 1

Answer:

the numbers are missing, so I looked for a similar question:

1. Investment in the business $17,010
2. Borrow cash $7,620
3. Purchase equipment $8,300
4. Revenues earned $298,600
5. Expenses incurred $210,900
6. Dividends $15,000

since there is not enough room here, I used an excel spreadsheet. I assumed all sales were on cash and all expenses were also paid using cash.

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