Sammy Company Shows the Following Transactions for the Accounting Period

question 127

Essay

Sammy Company shows the following transactions for the accounting period ending December 31, Year 1:
1)Sold books to customers for $68,000 on account2)Collected $56,000 from customers3)Issued common stock for $16,000 cash4)Accrued salary expense of $20,000 cash5)Paid operating expenses of $8,000
Show how the above transactions and year-end adjustments affect the accounting equation. Put the amount in parentheses if the transaction reduces that section of the equation. Leave cells blank for items not affected.

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Definitions:

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Advanced Boot Option

A menu accessed upon startup of a computer, offering a choice of diagnostic tools and different methods of booting the system.