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Purpose of Assignment??

The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet.??

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.??

Use??the Excel????spreadsheet to record your answers and??submit??with your responses.??

Click??the Assignment Files tab to submit your assignment.

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