Tracey's Photography Completes the Following Transactions

question 4

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.

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Definitions:

Trend Percentages

An analysis technique that involves calculating the percentage change for a financial statement item over multiple periods to identify any patterns.

Financial Statement Items

Financial statement items refer to the line items included in financial documents like balance sheets, income statements, and cash flow statements, which detail a company's financial performance and position.

Percent Increases

Percent increases are calculations used to determine the growth rate of a value or quantity over time, expressed as a percentage of its original value.

Balance Sheet Items

Components of a balance sheet which include assets, liabilities, and shareholders' equity at a specific point in time.