Effects of Transactions on Elements of the Accounting Equation

question 15

Essay

Effects of transactions on elements of the accounting equation
Some of the transactions carried out by Tsang Company during the first month of the company's operations are listed below.You are to determine the dollar effect of each transaction on the total assets,the total liabilities,and the owners' equity of Tsang Company.Use the symbols (+)for increase,(-)for decrease,and (NC)for no change.An answer is provided for the first transaction to serve as an example.

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Definitions:

Continuous

Uninterrupted in time, sequence, substance, or extent; without cessation or gaps.

Discontinuous

Characterized by interruptions or gaps, not having a steady or unbroken progression.

Multidimensional

Characterized by involving or having several dimensions or aspects.

Nature

The phenomena of the physical world collectively, including plants, animals, the landscape, and other features and products of the earth, as opposed to humans or human creations.