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.