Solution-Determine and show the impact on the accounting

Determine and show the impact on the accounting equation

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Reference no: EM132479973

Question 1: For each of the following transactions, show the impact on the accounting equation: both (+ or -), and the applicable $ amount.

Point 1. Shareholders invested $6,000.00 cash to open a consulting business.

Point 2. The business completed state and federal income tax returns for a customer, and charged $600.00, which the customer agreed to pay within 30 days.

Point 3. The business purchased supplies costing $400.00, paying cash.

Point 4. The business used $300.00 of the supplies shown in 3 above.

Point 5. The business paid total of $1,000.00 cash in dividends to shareholders.

Reference no: EM132479973

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Determine and show the impact on the accounting equation

Reference no: EM132479973

Reference no: EM132479973

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