Home / Questions / For each of the following transactions identify the effects on the accounting equation
For each of the following transactions, identify the effects on the accounting equation. Use "+" to indicate an increase and "-" to indicate a decrease. Use "A", "L" and "E" to indicate assets, liabilities, and equity, respectively. Part ( has been completed as an example.
|
a. |
L. Berryman invested $100,000 in the new corporation in exchange for stock. |
+A |
+E |
|
b. |
Land was purchased for $50,000. A down payment of $15,000 cash was made and a note was signed for the balance. |
|
|
|
c. |
Services were rendered to customers for cash. |
|
|
|
d. |
A building was purchased for cash. |
|
|
|
e. |
Supplies were purchased for cash. |
|
|
|
f. |
Paid the office secretary’s salary. |
|
|
|
g. |
The amount owed on the land from part (b) was paid. |
|
|
220. Sara Bloom has prepared the following analysis of September transactions for her business, Blooming Florist. Unfortunately, she has lost some information. Determine the missing amounts (a) through (c) below:
|
Date |
Cash |
Accounts Receivable |
Accounts Payable |
Notes Payable |
Common Stock |
Retained Earnings |
|
Balances |
30,000 |
30,100 |
(a) |
8,500 |
10,000 |
30,000 |
|
9/5 |
-10,000 |
0 |
(b) |
0 |
0 |
|
|
9/10 |
-3,500 |
0 |
0 |
0 |
0 |
(c) |
221. The following schedule reflects the first month's transactions of the Blue Real Estate Company:
|
|
Cash + |
Accounts Receivable + |
Supplies + |
Equipment - |
Accounts Payable + |
Common Stock + |
Retained Earnings |
|
a. |
-20,000 |
|
|
|
|
+20,000 |
|
|
b. |
-5,000 |
|
|
-5,000 |
|
|
|
|
c. |
|
|
+1,500 |
|
+1,500 |
|
|
|
d. |
+3,000 |
|
|
|
|
|
+3,000 |
|
e. |
+1,000 |
+1,500 |
|
|
|
|
+2,500 |
|
f. |
-750 |
|
|
|
-750 |
|
|
|
g. |
+500 |
-500 |
|
|
|
|
|
|
h. |
|
|
-400 |
|
|
|
-400 |
|
i. |
-2,000 |
|
|
|
|
|
-2,000 |
Provide descriptions for each transaction.
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