Accounting E 2.6, P 69

In: Business and Management

Submitted By Riri
Words 359
Pages 2
BACC 1201
Assignment #2
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Riri
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30/4/2011
E 2.6, P 69: A number of business transactions carried out by Smalling Manufacturing Company are as follows: a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability. d. Returned for credit some of the office equipment previously purchased on credit but not yet paid for. (Treat this the opposite of a transaction in which you purchase office equipment on credit.) e. Sold land for cash at a price in excess of coast. (Hint: The difference between coast and sales price represents a gain that will be in the company's income statement.) f. Purchased a computer on credit. g. The owner invested cash in the business. h. Purchased office equipment for cash. i. Collected an account receivable.
Indicate the effect of each of these transactions on the total amounts of the company's assets, liabilities, and owners' equity. Organize your answer in tabular form, using the following column headings and the code letters I for increase, D for decrease, and NE for no effect. The answer for the transaction a is provided as an example:
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Transaction Assets = Liabilities + Owners' Equity (a) I I NE (b) NE NE NE (c) D D NE (d) NE I NE (e) I NE I (f) I I NE (g) D NE I…...

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