ACC 290 Week 2 Individual Assignment, Analyzing the Effect of Transaction (Both in Excel and Word Format)
ACC 290 Week 2: Selected transactions for Thyme Advertising Company, Inc. are listed below. Describe the effect of each transaction on assets, liabilities, and stockholders’ equity by typing “Yes” in the appropriate cells below.
1. Issued common stock to investors in exchange for cash received from investors.
2. Paid monthly rent.
3. Received cash from customers when service was performed.
4. Billed customers for services performed.
5. Paid dividend to stockholders.
6. Incurred advertising expense on account.
7. Received cash from customers billed in (4).
8. Purchased additional equipment for cash.
9. Purchased equipment on account.