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Effects of Transactions on Balance Sheet Items
Show the Effect

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Effects of transactions on balance sheet items
Show the effect of each of the seven listed transactions on the balance sheet items of Renaissance Investment Services, Inc. Indicate the new balances after the transaction of November 2 and each subsequent transaction. The effects of the November 1 transaction are already filled in to provide you with an example.
 Nov. 1 Issued capital stock for $200,000. 2 Purchased a small office building at a price of $86,000 for the land and $74,000 for  the building. Made a cash payment of 20% of the total price and signed a note  payable for the balance. 7 Purchased telephones, computers, and other office equipment for $58,000. Paid $23,000 cash and signed a note payable for the balance. 12 Sold one of the computers to a stockholder at its cost of $3,500. The stockholder  paid $500 cash and agreed to pay the balance within 10 days. 22 Received $3,000 due from the stockholder who had purchased the computer. 30 Paid $17,500 on the note payable for the office equipment. \begin{array} { | l | l | l | } \hline \text { Nov. } & 1 & \text { Issued capital stock for } \$ 200,000 \text {. } \\\hline & 2 & \begin{array} { l } \text { Purchased a small office building at a price of } \$ 86,000 \text { for the land and } \$ 74,000 \text { for } \\\text { the building. Made a cash payment of } 20 \% \text { of the total price and signed a note } \\\text { payable for the balance. }\end{array} \\\hline& 7 & \begin{array} { l } \text { Purchased telephones, computers, and other office equipment for } \$ 58,000 \text {. Paid } \\\$ 23,000 \text { cash and signed a note payable for the balance. }\end{array} \\\hline &12 & \begin{array} { l } \text { Sold one of the computers to a stockholder at its cost of } \$ 3,500 \text {. The stockholder } \\\text { paid } \$ 500 \text { cash and agreed to pay the balance within } 10 \text { days. }\end{array} \\\hline &22 & \text { Received } \$ 3,000 \text { due from the stockholder who had purchased the computer. } \\\hline &30 & \text { Paid } \$ 17,500 \text { on the note payable for the office equipment. } \\\hline\end{array} Effects of transactions on balance sheet items Show the effect of each of the seven listed transactions on the balance sheet items of Renaissance Investment Services, Inc. Indicate the new balances after the transaction of November 2 and each subsequent transaction. The effects of the November 1 transaction are already filled in to provide you with an example. \begin{array} { | l | l | l | } \hline \text { Nov. } & 1 & \text { Issued capital stock for } \$ 200,000 \text {. } \\ \hline & 2 & \begin{array} { l } \text { Purchased a small office building at a price of } \$ 86,000 \text { for the land and } \$ 74,000 \text { for } \\ \text { the building. Made a cash payment of } 20 \% \text { of the total price and signed a note } \\ \text { payable for the balance. } \end{array} \\ \hline& 7 & \begin{array} { l } \text { Purchased telephones, computers, and other office equipment for } \$ 58,000 \text {. Paid } \\ \$ 23,000 \text { cash and signed a note payable for the balance. } \end{array} \\ \hline &12 & \begin{array} { l } \text { Sold one of the computers to a stockholder at its cost of } \$ 3,500 \text {. The stockholder } \\ \text { paid } \$ 500 \text { cash and agreed to pay the balance within } 10 \text { days. } \end{array} \\ \hline &22 & \text { Received } \$ 3,000 \text { due from the stockholder who had purchased the computer. } \\ \hline &30 & \text { Paid } \$ 17,500 \text { on the note payable for the office equipment. } \\ \hline \end{array}

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The collective legal rules and cultural practices that govern behavior and establish societal norms within a community or country.

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William Penn's term for the ideal of a society governed by principles of religious tolerance, peace, and the well-being of its inhabitants, exemplified by the founding of the colony of Pennsylvania.

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