The Daisy Company had the following transactions in July: (Click the icon to vie

Question

The Daisy Company had the following transactions in July: (Click the icon to view the transactions.) Requirement Show the effects on the balance sheet equation in two phases-at acquisition and on expiration at the end of the month of acquisition Show all amounts in thousands Enter the transactions into the equation one transaction at a time, beginning with "a" Each transaction will be entered in two parts a 1. to record the acquisition and a.2. to record the expiration at the end of the month of acquisition. (Enter decreases with a minutes sign or parentheses and leave any unused cells blank Assume that all of the supplies are used during the month.) Paid $15,000 cash for rent for the next 6 months on July 1 Paid $2,200 cash for supplies on July 3 Paid $3,900 cash for an advertisement in the next day's New York Times on July 10 Paid $10,500 cash for a training program for employees on July 17. The training was completed in July.

Explanation / Answer

Cash Prepaid Rent Supplies Unexpired Advertising Unexpired training Liabilities Paid-in-capital Retained Earnings a -15000 15000 b -2000 2000 c -3900 3900 d -10500 10500

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