question archive Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity
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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. Issue $80,000 in stock
2. Borrow $65,000 from a bank
3. Receive payment of $12,000 owed by a customer
4. Pay $6,000 owed to a supplier
5. Buy $17,000 worth of manufacturing supplies on credit
6. Purchase equipment for $47,000 in cash
7. Pay $8,000 owed to a supplier What is the net change in Total Assets?
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Answer:
Net Change in Total Assets = $80,000 + $65,000 - $6,000 + $17,000 - $8,000
= $148,000
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