Question

The following transactions were completed by the company.

Answer 1

Answer:

Account Equation Impact:

Assets                                      =         Liabilities  +     Equity

a. Cash $17,200                                                    Common stock $17,200

b. Supplies $1,050 Cash ($1,050)

c. Equipment $11,100                                             Common stock $11,100

d. Supplies $310                      Accounts Payable $310

e. Land $10,100 Cash ($10,100)

Total assets    $48,610      =                       $310   +                       $28,300

Explanation:

a) Data and Analysis According to Accounting Equation Impact:

a. Cash $17,200 Common stock $17,200

b. Supplies $1,050 Cash ($1,050)

c. Equipment $11,100 Common stock $11,100

d. Supplies $310 Accounts Payable $310

e. Land $10,100 Cash ($10,100)