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garri49 [273]
3 years ago
11

Indicate how the following transactions affect the accounting equation.

Business
1 answer:
jeyben [28]3 years ago
5 0

Answer:

Hopefully I understood the question correctly. Below is the affect on

assets-liabilities= owners equity

Explanation:

A. Increases assets, increases liabilty

b. Increases assets, decreases assets (a wash for assets)

c. Decreases owners equity, decreases assets

d. Increases owners equity, increases assets

e. Increases owners equity, increases assets

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Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year
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Answer:

Feb 1=> Cash ( debit) = 2,444,000.

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July 1=> Cash (debit) = 3,500,000.

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Explanation:

(A). On FEB. 1, the accounts and Explanation is given below:

Cash ( debit) = 2,444,000 {that is from; 47,000 × $52}.

Prefered stock (credit) = 2,350,000 { that is from; 47,000 × $50}.

Paid in capital in excess of par value-preferred stock(credit) = 2,444,000 - 2,350,000 = 94,000.

(B). On JULY 1, the accounts and Explanation is given below;

"July 1 Issued 62,500 shares for cash at $56 per share."

=> Cash (debit) = 62500 × 56 = 3,500,000.

Prefered stock (credit) = 3,125,000 { that is from; 62,500 × $50}.

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For more help under this topic, you should visit this link:

<u>https://www.google.com/search?q=What+is+a+professional+organization+affiliated+with+human+resource+management%3F&rlz=1C1CHBF_enUS777US777&oq=What+is+a+professional+organization+affiliated+with+human+resource+management%3F&aqs=chrome..69i57.322j0j7&sourceid=chrome&ie=UTF-8</u>

<u>(just copy and paste it into link bar)</u>

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