Reference no: EM131438505
Homework
Purpose of Homework
The purpose of this Homework is to help you become familiar with examining transactions and how it affects the balance sheet.
Homework Steps
Resources: Financial Accounting: Tools for Business Decision Making
Write a minimum 150-word response to each of the following scenarios from Exercise in Financial Accounting describing the effect of each transaction on assets, liabilities, and stockholder's equity:
• Selected transactions for Thyme Advertising Company, Inc.
o Issued common stock to investors in exchange for cash received from investors.
o Paid monthly rent.
o Received cash from customers when service was performed.
o Billed customers for services performed.
o Paid dividend to stockholders.
o Incurred advertising expense on account.
o Received cash from customers billed in (4).
o Purchased additional equipment for cash.
o 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.
Use the Excel spreadsheet to record your answers and submit with your responses.
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