Show the effect on the accounting equation

Assignment Help Financial Accounting

Reference no: EM13178150

Problem Number

1) Show the effect on the accounting equation of the following events for the APRIL Company.

Example: Investors purchased common stock in APRIL for $1,000 cash.

Answer: Assets increasedOwners' Equity increased

a) APRIL borrowed $8,000 from the bank on a note.

b) APRIL purchased a desk and two chairs for $1,500 cash.

c) APRIL purchased supplies on account for $700.

d) APRIL provided services to others for $7,200 cash.e) APRIL provided services to others for $2,300 on account.

f) APRIL paid $280 cash for a newspaper ad.

g) APRIL collected $600 of the money it was owed due to the services provided in e.

h) APRIL paid off $300 of its supplies account created in c.

i) APRIL paid its utility bill in the amount of $400 cash.

j) APRIL paid a dividend to its investors in the amount of $500 cash.

k) APRIL paid off half of its bank note from (a) by giving the bank $4,000 of common stock.

Reference no: EM13178150

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