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Analyzing the effect of transactions
Analyzing the Effect of Transactions
- Due May 15, 11:59 PM
- Not Submitted
- POINTS 9
Practice/Simulation/Homework/Game
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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
