Answered

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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
1. receive payment of $12,000 owed by a customer.
2. buy $15,000 worth of manufacturing supplies on credit.
3. purchase equipment for $44,000 in cash.
4. issue $80,000 in stock.
what is the net change in total equity?

Sagot :

Net change in assets =  15,000+ 75,000

= $90,000

1-Receive payment of $12,000 owed by a customer

  • No effect on asset
  • No effect on liability
  • No effect on equity

2-Buy $15,000 worth of manufacturing supplies on credit

  • Assets increase by $15,000
  • Liabilities increase by $15,000
  • No effect on equity

3-. Purchase equipment for $44,000 in cash

  • No effect on asset
  • No effect on liability
  • No effect on equity

4-Issue $75,000 in stock

  • Assets increase by $75,000
  • No effect on liability
  • Equity increases by $75,000

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