Business Finance Homework Help
Business Finance Homework Help. I need an accounting teacher to help me solve 3to5 accounting problems ACCT2241
Fill out the following chart to show the impact on the accounting equation from each transaction. If the increased amounts equal (offset) the decreased amounts, select “Offsetting Effects”. If the account is not involved at all, select “NoEffects”. (You
should select one option for each account. Don’t leave it
blank.)
| Date |
Description |
Assets |
Liabilities |
Shareholders’ Equity |
|
Apr 1 |
Purchased equipment for $300,000 with $100,000 paid by cash and $200,000 borrowed from banks |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offsetting Effects NoEffects |
Increase Decrease Offsetting Effects NoEffects |
|
Apr 1 |
Issued common shares in exchange for $200,000 cash |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 1 |
Paid one year of rent in advance for $12,000 cash |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 1 |
Received $24,000 cash in advance from a customer for services to be provided |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 9 |
Hired two employees to begin work in the company and signed employee contracts with them |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 10 |
Purchased a bunch of supplies on account from A Company for $2000 |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 11 |
Purchased $10,000 inventory paid directly by cash. |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 12 |
Sold $2,000 inventory with cost of $1000 on account to customers |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 13 |
Paid $2,000 cash owed to A Company |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
|
Apr 15 |
Received $1000 cash from customers for previous unpaid purchases |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Increase Decrease Offseting Effects NoEffects |
Business Finance Homework Help
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