Terry Company
Transactions
Oct $\quad$ Terry Purchased Computer Equipment For

question 91

Essay

Terry Company
Transactions
Oct. 1 $\quad$ Terry purchased computer equipment for $\$ 8,400$ , paying $\$ 1,000$ now, and issuing a promissory note for the bal ance; the note is due in monthly installments of $\$ 500$ plus interest at $10 \%$ on the unpaid balance.

8 $\quad$ Terry records service revenue earned: $\$ 3,200$ from cash customers; $\$ 12,000$ for customers billed for completed services.

22 $\quad$ Common stock is issued for land with a far value of $\$ 35,000$ .

31 $\quad$ An invoice for $\$ 1,200$ is received from the company's advertising agency for ads that were run on radio and $\mathrm { TV }$ during October; the invoice is due in 30 days.
-Refer to the Terry Company transactions.
Required
Indicate the economic effects of each transaction above on the accounting equation.Use the following format for your answers.Show the dollar amounts in the appropriate columns and use a "+" (plus)sign to indicate an increase and a "-" (minus)sign to indicate a decrease.
$$\begin{array} { c c c c } \text { Transaction }&&&\text { Stockholders' } \\\text { Date }& \text { Assets } & \text { Liabilities } &\text{Equity} \\\hline\end{array}$$

---

Definitions:

Qualifier Statements

Phrases or words added to claims to make them appear more accurate or to limit their scope.

Strong Language

refers to language that is powerful and direct, often used to emphasize a point or express strong emotions.

Pertinent Questions

Relevant or directly related questions that aim to gather essential information concerning a particular topic or issue.

Comment Feature

A functionality that allows users to leave feedback or opinions on a digital platform.