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Direction of the effect on the account equation

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Reference no: EM13508668

Problem

Suppose a company performs the following activities within a year. For each activity, perform transaction analysis and indicate the account, amount, and direction of the effect on the account equation. Use the following headings:

Assets = Liabilities + Stockholders' Equity

The activities are shown below.

(a) Purchased new equipment costing $20,000, paying $14,000 in cash and signing a note for the rest

(b) Declared $11,000 in dividends to be paid the following year

(c) Sold $2,312 in short-term investments for cash

(d) Investors sold their own stock to other investors on the stock exchange for $121,000

(e) Issued $1,000 of additional common stock shares, and received cash from investors

Reference no: EM13508668

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