Analyzing the Effect of Transactions

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Analyzing the Effect of Transactions

    • Due Aug 31, 5:59 PM
    • Not Submitted
    • POINTS 9
  • Practice/Simulation/Homework/Game

  • no new messages

Objectives:

  • 2.2
  • Instructions
  • Assignment Files
  • Grading


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 minimum 150-word 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:

  • Selected transactions for Thyme Advertising Company, Inc.

    • Issued common stock to investors in exchange for cash received from investors.
    • Paid monthly rent.
    • Received cash from customers when service was performed.
    • Billed customers for services performed.
    • Paid dividend to stockholders.
    • Incurred advertising expense on account.
    • Received cash from customers billed in (4).
    • Purchased additional equipment for cash.
    • Purchased equipment on account.


Use

the Excel

®

spreadsheet to record your answers and

submit

with your responses.


Click

the Assignment Files tab to submit your assignment.


Materials

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