1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. The owner (Alex Carr) invested $17,400 cash in the company. The company purchased supplies for $1,100 cash. The owner (Alex Carr) invested $11,200 of equipment in the company. The company purchased $320 of additional supplies on credit. The company purchased land for $10,200 cash. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

Solution :

Assets                                                               =      Liabilities   +   Capital

(cash)      (supplies)   (equipment)     (land)              (payables)

$17400                                                               =                                $17400

-$1100        $1100                                              =

                                   $11200                           =                                 $11200

                   $320                                               =           $320

-$10200                                           $12200      

The balance after all the transaction is :

Assets     =     Liabilities  +  Capital

$28920    =      $320     +   $28600

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