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ACC 290 WEEK 2 Analyzing the Effect of Transactions

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ACC 290 WEEK 2 Analyzing the Effect of Transactions

Description

ACC 290 WEEK 2 Analyzing the Effect of Transactions

ACC 290 WEEK 2 Analyzing the Effect of Transactions

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making 

Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder’s equity: 

  • Selected transactions for Thyme Advertising Company, Inc.
    • Issued common stock to investors in exchange for cash received from investors.
    • Paid monthly rent.
    • Received cash from customers when service was performed.
    • Billed customers for services performed.
    • Paid dividend to stockholders.
    • Incurred advertising expense on account.
    • Received cash from customers billed in (4).
    • Purchased additional equipment for cash.
    • Purchased equipment on account.

ACC 290 WEEK 2 Analyzing the Effect of Transactions

ACC 290 WEEK 2 Analyzing the Effect of Transactions