Fill This Form To Receive Instant Help
Homework answers / question archive / Analyze each of the following transactions by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or —) for each
Analyze each of the following transactions by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or —) for each.
January 1 Purchased equipment for $25,000 cash. Estimated useful life is six years and salvage value is $6,000. January 2 Paid $5,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $200 cash for minor repair costs to equipment.
Date January 01 January 01
January 02 January 02 August 15
Assets
Liabilities
Prey
1 of 7 EH
2
Assets | = | Liabilities | + | Stockholder's Equity | |||||||
Jan-01 | Equipment | + | 25,000 | ||||||||
Cash | - | 25,000 | |||||||||
Jan-02 | Equipment | + | 5,000 | ||||||||
Cash | - | 5,000 | |||||||||
Aug-15 | Cash | - | 200 | Repair and Maintenance Expense | - | 200 | |||||