Chapter 3 - Practice Problem #1 - Spread Sheet Solution

Chapter 3 - Practice Problem #1 - Spread Sheet Solution -...

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Using the following tabular analysis, show the effect of each transaction on the accounting equation Assets = Liabilities + Stockholders' Equity Cash + Acct Receivable + Supplies + PPE = Acct Pay + Bonds Pay + Common Stock + RE Explanations 1 110,000.00 ## 110,000.00 Issue common stock 2 45,000.00 ## 45,000.00 3 (60,000.00) ## 60,000.00 4 16,000.00 ## 16,000.00 Service Revenue
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Unformatted text preview: 16,000.00 Service Revenue 5 4,200.00 4,200.00 6 (5,600.00)## (5,600.00) Rent Expense 7 8,000.00 8,000.00 Service Revenue 8 (28,000.00)## (28,000.00) Salaries Expense 9 (11,000.00)## (11,000.00) Dividends Tot 66,400.00 ## 8,000.00 4,200.00 0 60,000.00 4,200.00 45,000.00 110,000.00 (20,600.00)...
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