Analyze the Effect of the Following Transactions Using the Basic

question 60

Essay

Analyze the effect of the following transactions using the basic accounting equation and the format provided below.
i. Bought land with an estimated fair value of $150,000 by issuing 100,000 shares.
ii. Issued 10,000 common shares for $15,000 cash
iii. Purchased a 2-year insurance policy for $4,800 .
iv. Paid rent of $3,000
v. Bought equipment for $50 ,000. Paid 20% down in cash and the balance on a 5-year, 6% note
payable.
vi. Purchased $9 ,000 of merchandise inventory on credit.
vii. Paid utilities bill for $750.
viii. Sold $8,000 of merchandise inventory for $16, 000 cash.
ix. Paid $2,500 on merchandise inventory previously purchased.
x. Declared a $1,000 dividend.
xi. Recognized that 1 month of the insurance coverage had expired.

FORMAT:

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Definitions:

Handle

A user's name or identifier on social media platforms or online forums.

Digital Brand Name

The name or identity of a brand in the digital realm, carefully chosen to reflect its online presence, values, and objectives.

Social Footprint

A social footprint is the measure of the impact an individual or entity has on social media networks, based on the extent and influence of their digital presence.

Lifestream

A digital chronology of a person's life, activities, or interests, shared online through various media platforms.