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

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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

• Financial Accounting, Ch. 3: The Accounting Information System
• Analyzing the Effect of Transactions Grading Guide
• Week 2 Excel® Spreadsheet

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