Business, 15.02.2021 19:40 Circe7527

The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them.
b. Borrowed $7,000 cash from a bank and signed a note due later this year.
c. Bought and received $800 of equipment on account.
d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000.
e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account.

Required:
For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and - for decrease) on the accounting equation.

Answers: 3

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The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued s...