Tucker Company shows the following transactions for the accounting period ending December 31, Year 1:
Sold books to customers for $68,000 on accountCollected $56,000 from customersIssued common stock for $16,000 cashPrepaid four months' rent for $8,800 on October 1, Year 1Purchased supplies for $21,000 cashPhysical count shows $6,500 of supplies remained on December 31, Year 1Recorded adjustment for prepaid rent used
Show how the above transactions and year-end adjustments affect the accounting equation.(Note: There is no need to provide appropriate account titles for the Retained Earnings amounts in the last column of the table.)

Question

Quizplus · Accepted Answer

The Answer of Tucker Company shows the following transactions for the accounting period ending December 31, Year 1:
Sold books to customers for $68,000 on accountCollected $56,000 from customersIssued common stock for $16,000 cashPrepaid four months' rent for $8,800 on October 1, Year 1Purchased supplies for $21,000 cashPhysical count shows $6,500 of supplies remained on December 31, Year 1Recorded adjustment for prepaid rent used
Show how the above transactions and year-end adjustments affect the accounting equation.(Note: There is no need to provide appropriate account titles for the Retained Earnings amounts in the last column of the table.)

Tucker Company Shows the Following Transactions for the Accounting Period