Analyze the accounting equation effects of the transactions


Analyze the accounting equation effects of the transactions in M2- 19 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders' equity.

a. Blue Light Arcade received $ 50 cash on account for a birthday party held two months ago.

b. Agreed to hire a new employee at a monthly salary of $ 3,000. The employee starts work next month.

c. Paid $ 2,000 for a table top hockey game purchased last month on account.

d. Repaid a $ 5,000 bank loan that had been outstanding for six months. (Ignore interest.)

e. The company purchased an air hockey table for $ 2,200, paying $ 1,000 cash and signing a short- term note for $ 1,200.

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Accounting Basics: Analyze the accounting equation effects of the transactions
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