Kimmel, Accounting, Ge Gradebook ORION Downloadable eTextbook ment Exercise 3-1

Question

Kimmel, Accounting, Ge Gradebook ORION Downloadable eTextbook ment Exercise 3-1 Selected transactions for Thyme Advertising Company, Inc. are listed here. Descrilbe the effect of each transaction on assets, Fabilitles, and stockholders equity 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. . Billed customers for services performed 5. Paid dividend to stockholders. 6. Incurred advertising expense on account 7. Received cash from customers blled in (4) Decrease in assets and decrease in stockholders" equity Increase in assets and increase in liabilities. Increase in labilities and decrease in stockholders' equity Decrease in assets and decrease in Eabilibles Increase in assets and increase in stockholders" equity Increase in labilities and decrease in liablities udv 8. Purchased additional equipment for cash 9. Purchased equipement on account. Click if you would like to Show Work for this question: n Shw o

Explanation / Answer

Exercise 3-1

Exercise 3-6

Effect on assets, liabilites, stockholder's equity 1 Common stock issued for cash Increase in assets and Increase in Stockholder's equity 2 Paid monthly rent Decrease in assets and decrease in Stockholder's equity 3 Cash received for services performed Increase in assets and Increase in Stockholder's equity 4 Billed customers for sevices performed Increase in assets and Increase in Stockholder's equity 5 Dividends paid to stockholder's Decrease in assets and decrease in Stockholder's equity 6 Incurred advertising expenses on account Increase in liability and decrease in Stockholder's equity 7 Cash received from customers Increase in assets and Decrease in assets 8 Purchased additional equipment for cash Increase in assets and Decrease in assets 9 Purchased equipment on account Increase in assets and Increase in liabilities

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