Sammy Company shows the following transactions for the accounting period ending December 31, Year 1:
1)Sold books to customers for $68,000 on account2)Collected $56,000 from customers3)Issued common stock for $16,000 cash4)Accrued salary expense of $20,000 cash5)Paid operating expenses of $8,000
Show how the above transactions and year-end adjustments affect the accounting equation. Put the amount in parentheses if the transaction reduces that section of the equation. Leave cells blank for items not affected.

Question

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The Answer of Sammy Company shows the following transactions for the accounting period ending December 31, Year 1:
1)Sold books to customers for $68,000 on account2)Collected $56,000 from customers3)Issued common stock for $16,000 cash4)Accrued salary expense of $20,000 cash5)Paid operating expenses of $8,000
Show how the above transactions and year-end adjustments affect the accounting equation. Put the amount in parentheses if the transaction reduces that section of the equation. Leave cells blank for items not affected.

Sammy Company Shows the Following Transactions for the Accounting Period