Tucker Company Shows the Following Transactions for the Accounting Period

question 149

Essay

Tucker Company shows the following transactions for the accounting period ending December 31, Year 1:1)Issued common stock for $16,000 cash2)Borrowed $40,000 cash from the bank3)Performed $60,000 of services on account4)Paid operating expenses of $8,000 in cash5)Accrued salary expense of $20,0006)Accrued interest expense of $500
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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