E1-15A. Business exchanges. . Identify the transactions from the following story. For each, identify the transaction as operating, investing, or financing.
Latasha Jones decided to go into business for herself. As a talented Web designer, she decided to open a small consulting firm with $5,000 of her own money, for which she received common stock. Latasha borrowed $500 from her best friend to help get the business started, and in exchange she gave her friend an I-owe-you (IOU). The company bought a state-of-the-art desktop computer, complete with the accessories and software needed to get the business off the ground, at a total cost of $6,000. The business required a separate phone line, which cost $450. Then, the company put an advertisement in the local newspaper, at a cost of $45 per month for weekly ads. The company was ready to go. All of the payments were cash.
E1-16A. Analyze business transactions using the accounting equation. . John Weiss recently started a lawn care service named “The Grass Is Always Greener, Inc.” The following transactions occurred during the company’s first month of business. Enter each of the following transactions into the accounting equation and identify an increase or decrease to assets, liabilities, shareholder’s equity, revenues, or expenses.
1.John contributed $16,500 of personal savings in exchange for common stock to start the business.
2.The company purchased $7,500 of inventory (plants and shrubs) from a gardening wholesaler in Kansas.
3.The company purchased three riding lawn mowers at a cost of $5,000 each.
4.The company paid rent expense of $500 the first month.
5.The company earned service revenue of $9,000 and sold the entire $7,500 of inventory it had purchased to customers for $13,250 cash.
All the transactions were for cash. Use the following format:
Shareholder’s equity
TotalTotal Contributed Retained assetsliabilities capital earnings
Transaction 1:
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