accounting
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Question
During 2017, Ivanhoe Company entered into the following transactions.
| 1. | Purchased equipment for $317,240 cash. | |
| 2. | Issued common stock to investors for $135,850 cash. | |
| 3. | Purchased inventory of $65,970 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) | $
| $
| $
| $
| $
| $
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| (2) |
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| (3) |
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