During 2014, Comstock Company entered into the following transactions. 1. Purchased equipment for $275,642 cash.2. Issued common stock to investors for $140,580 cash.3. Purchased...

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During 2014, Comstock Company entered into the following transactions.

1.		Purchased equipment for $275,642 cash.
2.		Issued common stock to investors for $140,580 cash.
3.		Purchased inventory of $70,550 on account.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.)

Assets

Liabilities

Stockholders’ Equity

Cash

Inventory

Equipment

Accounts Payable

Common Stock

Retained Earnings

(1)

[removed]

(2)

[removed]

Issued stock

(3)

[removed]

11 years ago
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