Transaction Analysis
Goal Systems, a business consulting firm, engaged in the following transactions:
Issued common stock for $75,000 cash.
Borrowed $35,000 from a bank.
Purchased equipment for $12,000 cash.
Prepaid rent on office space for 6 months in the amount of $7,800.
Performed consulting services in exchange for $6,300 cash.
Performed consulting services on credit in the amount of $18,750.
Incurred and paid wage expense of $9,500.
Collected $10,200 of the receivable arising from Transaction f.
Purchased supplies for $1,800 on credit.
Used $1,200 of the supplies purchased in Transaction i.
Paid for all of the supplies purchased in Transaction i.
Required:
For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero.