Tracey's Photography Completes the Following Transactions:
A

question 33

Essay

Tracey's Photography completes the following transactions:
a.Tracey invests $10,000 cash in her company.
b.The company purchases equipment on account,$500.
c.The company purchases additional equipment for cash,$200.
d.The company makes a payment on account for the equipment,$300.
Required: Record the above transactions in the basic accounting equation.
$$\begin{array}{l}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Tracey's Photography }\\\begin{array} { l l c c } \quad \text { ASSETS } & = & \text { LIABILITIES } + & \text { OWNER'S EQUITY } \\\text { Cash + Equipment } & = & \begin{array} { c } \text { OCcounts Payable }\end{array} + & \begin{array} { c } \text { Tracey's Capital }\end{array} \\& & & \\\text { a. } & = & & \\\text { b. } & = & & \\\text { c. } & = & & \\\text { d. } & = & & \\\text { Totals } & = &\end{array}\end{array}$$

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Definitions:

Dominant Strategies

In game theory, a strategy that is the best choice for a player, regardless of what the opposing player chooses.

Annual Profit

Annual profit is the financial gain a company or individual achieves in a fiscal year after all expenses, taxes, and costs have been subtracted from total revenue.

Dominant-Strategy Equilibrium

A situation in game theory where a specific strategy is best for a player, regardless of the strategies chosen by other players.

Pure-Strategy Nash Equilibrium

A situation in game theory in which players select a single strategy that yields the best response given the strategies of all other players.