During 20XX, Pharoah Company entered into the following transactions. 1. Purchased equipment for $285,176 cash....
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During 20XX, Pharoah Company entered into the following transactions. 1. Purchased equipment for $285,176 cash. 2. Issued common shares to investors for $155,590 cash. 3. Purchased inventory of $66,480 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' 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 0-3 for example.) During 20XX, Pharoah Company entered into the following transactions. 1. Purchased equipment for $285,176 cash. 2. Issued common shares to investors for $155,590 cash. 3. Purchased inventory of $66,480 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' 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 0-3 for example.)
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