ACC 290 Week 2 Assignment Analyzing the Effect of Transactions Answer
Analyzing the Effect of Transactions
Purpose of Assignment
The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Write a response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder's equity: (total 9)
Selected transactions for Thyme Advertising Company, Inc.
Use the Excel® spreadsheet to record your answers and submit with your responses. NO APA paper is due this week for these responses. If you would prefer to use a Word document instead of the Excel spreadsheet, that is fine. No numbers are needed to complete this assignment, but if you would like to make up scenarios using numbers that is fine also.
Analyze the effect of transactions.
(P.132) / Exercise E3-1 Selected transactions for Thyme Advertising Company, Inc. are listed here.
1.     Issued common stock to investors in exchange for cash received from investors.
2.     Paid monthly rent.
3.     Received cash from customers when service was performed.
4.     Billed customers for services performed.
5.     Paid dividend to stockholders.
6.     Incurred advertising expense on account.
7.     Received cash from customers billed in (4).
8.     Purchased additional equipment for cash.
9.     Purchased equipment on account.
Instructions
Describe the effect of each transaction on assets, liabilities, and stockholders' equity. For example, the first answer is (1) Increase in assets and increase in stockholders' equity.
Â
Analyze the effect of transactions on assets, liabilities, and stockholders' equity.
Answers
Status NEW
Posted 11 Dec 2017 06:12 AM
My Price 12.00
ACC----------- 29-----------0 W-----------eek----------- 2 -----------Ass-----------ign-----------men-----------t A-----------nal-----------yzi-----------ng -----------the----------- Ef-----------fec-----------t o-----------f T-----------ran-----------sac-----------tio-----------ns -----------Ans-----------wer-----------
Attachments
file 1512973515-ACC 290 Week 2 Assignment Analyzing the Effect of Transactions Answer.xlsx preview (1436 words )
Is-----------sue-----------d c-----------omm-----------on -----------sto-----------ck -----------to -----------inv-----------est-----------ors----------- in----------- ex-----------cha-----------nge----------- fo-----------r c-----------ash----------- re-----------cei-----------ved----------- fr-----------om -----------inv-----------est-----------ors-----------. C-----------ash----------- Ca-----------pit-----------alD-----------r.C-----------r.A-----------sse-----------ts(-----------Inc-----------rea-----------se)----------- =----------- Eq-----------uit-----------y(I-----------ncr-----------eas-----------e) ----------- + -----------Lia-----------bil-----------iti-----------es5-----------000----------- =----------- 5-----------000----------- + -----------0Pa-----------id -----------Mon-----------thl-----------y R-----------ent-----------Ren-----------t E-----------xpe-----------nse-----------Cas-----------h$1-----------000----------- is----------- as-----------sum-----------edA-----------sse-----------ts(-----------Dec-----------rea-----------se)----------- =----------- Eq-----------uit-----------y(D-----------ecr-----------eas-----------e) ----------- + -----------Lia-----------bil-----------iti-----------es(-----------100-----------0) ----------- = ----------- (1-----------000-----------) +----------- 0 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------Not-----------e: -----------The-----------se -----------are----------- as-----------sum-----------ed -----------fig-----------ure-----------s. -----------Rec-----------eiv-----------ed -----------cas-----------h f-----------rom----------- cu-----------sto-----------mer-----------s w-----------hen----------- se-----------rvi-----------ce -----------was----------- pe-----------rfo-----------rme-----------d.R-----------eve-----------nue-----------100-----------0 -----------= -----------100-----------0
Not Rated(0)