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Rufina [12.5K]
3 years ago
7

Received contributions of $ 10 comma 000$10,000 in exchange for common stock. a. Increase asset (Cash) ; Increase equity (Common

Stock) b. Purchased equipment for $ 5 comma 000$5,000 on account.
Business
1 answer:
MakcuM [25]3 years ago
6 0

Answer:

The answer is stated below:

Explanation:

A. Received or collected $10,000 in exchange of the common stock:

This transaction will have an impact on the Accounting Equation of the Accounts, which is :

Assets = Liabilities + Equity

As the cash is received, there will be an increase in the assets and under the cash account of the current assets. Though the cash is against the common stock, which increases the common stock account upon the side of the equity.

Therefore, it will be:

Increase in assets (Cash) : Increase in equity (Common Stock)

B. Bought the equipment on account worth $5,000.

This transaction will have an impact on the Accounting Equation as:

As the equipment is purchased will in turn lead to increase in the assets side, under the equipment account and it is purchased on account, which means on credit, that leads to increase in the liability under the Accounts Payable account.

Therefore, it will be:

Increase in assets (Equipment) : Increase in Liability (Accounts Payable)

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2 years ago
A warewashing machine and/or the compartments of sinks/basins must be cleaned:
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For many years, college costs (including tuition, fees, and room and board) increases have been higher than the inflation rate,
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The key points about functionalist perspective are:

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