(solution) the following transactions or events occurred for abc's company

the following transactions or events occurred for abc's company during 2014. this was the company's first year of operations. 

  1. issued stock to several investors 
  2. borrowed $50,000 cash from the wells fargo bank. signed a note payable. 
  3. provided services to its customers and received $20,000 cash 
  4. paid various expenses of $15,000
  5. paid $22,000 cash for some equipment 
  6. received $12,000 cash from a customer for services to be performed next year 

   7. repaid $5,000 of the loan from wells fargo bank listed in item 2 

show the effects of the above transactions on the account equation below. indicate dollar amounts amounts of increases and decreases. precede the amount with a minus sign or (brackets)if the event reduces that section of the equation. enter NA for items not effected. if one section is affected by an increase and also a decrease , enter each part on a separate line . the first transaction is done for you.

transactions                                    assets           =                    liabilities                +                          equity 

                                                         45,000           =                     NA                        +                         45,000


Transaction

 

1. issued stock to several investors

 

2. borrowed $50,000 cash from the wells fargo bank. signed a note payable. 3. provided services to its customers and received $20,000 cash 4. paid...

 


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