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Describing the effect of each transaction on assets

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Purpose of Assignment - The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet.

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.

Reference no: EM131592291

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