The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet .
Assignment Steps
Resources : Financial Accounting : Tools for Business Decision Making
Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting ( p . 132 ) describing the effect of each transaction on assets , liabilities , and stockholder ’ s equity :
Selected transactions for Thyme Advertising Company , Inc .
Issued common stock to investors in exchange for cash received from investors .
Paid monthly rent .
Received cash from customers when service was performed .
Billed customers for services performed .
Paid dividend to stockholders .
Incurred advertising expense on account .
Received cash from customers billed in ( 4 ).
Purchased additional equipment for cash .
Purchased equipment on account .
Use the Excel ® spreadsheet to record your answers and submit with your responses .
Click the Assignment Files tab to submit your assignment .