Describe the effects of each transaction on assets, Financial Accounting

Assignment Help:

KAM Computer Timeshare Company entered into the following transactions durnig May 2014
Decribe the effects of each transaction on assets, liabilities, and owner's equity.
1. Purchased computer terminals for $20,000 from Digital Equipment on account
2. Paid $4,000 cash for May rent on storage space
3. Received $17,000 cash from customers for contracts billed in April
4. Performed computer services to Viking Construction Company for $3,000
5. Paid Tri-States Power Co. $11,000 cash for energy usage in May
6. Kam invested in an additional $29,000 in the business
7. Paid Digital Equipment for the terminal purchase in (1) above
8. Incurred advertising expense for May of $1,200 on account.


Related Discussions:- Describe the effects of each transaction on assets

Calculate the profit maximization, Complete the table and use the informati...

Complete the table and use the information to determine profit maximization or loss minimization. 1. Complete the table Normal 0 false false false EN-I

Bond yield, If I bought a 10 year bond five years ago for 936.05. The bons ...

If I bought a 10 year bond five years ago for 936.05. The bons make semiannual coupon payments at a rate of 8.4%. If the current price of the bonds is 1,048.77, what is the yield e

Determine the term- understandability, Determine the term- Understandabilit...

Determine the term- Understandability Accounting reports must be expressed as clearly as possible and must be understood by those at whom the information is aimed.

Investment of accumulated income-trusts laws and accounts, Investment of ac...

Investment of accumulated income The income accumulations must be invested from time to time and the investments earmarked as being on Accumulations Account. The income aris

Determine expected future cash flows, Q. Determine expected future cash flo...

Q. Determine expected future cash flows? A rights issue will be a smart source of finance to Tirwen plc as it will reduce the gearing of the company. The current debt/equity ra

Business risk in company, Q. Business risk in company? Business risk is...

Q. Business risk in company? Business risk is the likelihood of a company experiencing changes in the level of its profit before interest as a result of changes in turnover or

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd