question cami love phillips 5e fundamentals of financial accounting gold standardcou 4280867
Question
Cami Love
Phillips 5e Fundamentals of Financial Accounting Gold StandardCourse: FIN ACC 111 Mod 3 2016 9
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Mid Term Examination |
instructions |help |
2.
value:
10.00 points
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Soar Inc. entersinto the following transactions: |
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a. |
Stockholders contribute$10,300 cash to a company in exchange for common stock. |
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b. |
The company purchases$5,150 to buy new equipment by paying cash. |
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c. |
The company pays $3,030to suppliers on account. |
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Required: |
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a. |
Show the effect of these transactions on the basic accountingequation. (Enter any decreases to account balances with aminus sign.) |
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b. |
Prepare the journal entries that would be used to record thetransactions. (If no entry is required for atransaction/event, select “No Journal Entry Required” in the firstaccount field.) |
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