During 2014, Comstock Company entered into the following transactions.
|1.||Purchased equipment for $275,642 cash.|
|2.||Issued common stock to investors for $140,580 cash.|
|3.||Purchased inventory of $70,550 on account.|
Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.)
|Cash||+||Inventory||+||Equipment||=||Accounts Payable||+||Common Stock||+|
- Accounting homework help
<em>No answers yet</em>