Financial Accounting: Tools for Business Decision Making

Write a minimum to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder’s equity:

• Selected transactions for Thyme Advertising Company, Inc.
• Issued common stock to investors in exchange for cash received from investors.
• Paid monthly rent.
• Received cash from customers when service was performed.
• Billed customers for services performed.
• Paid dividend to stockholders.
• Incurred advertising expense on the account.
• Received cash from customers billed in (4).
• Purchased additional equipment for cash.
• Purchased equipment on account.

Use the Excel^® spreadsheet to record your answers and submit your responses.

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