Purpose of Assignment??
The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet.??
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.??
Use??the Excel????spreadsheet to record your answers and??submit??with your responses.??
Click??the Assignment Files tab to submit your assignment.