Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books...
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Accounting
Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. Help Joel by preparing the accounting equation effects for the following transactions. (Enter any decreases to account balances with a minus sign.) a. The company purchased equipment for $4,300 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. c. Joel's friend Sam lent $4,300 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $4,300 in four months. Because they are good friends, Sam is not going to charge Joel interest. d. The company paid $1,650 cash for books purchased on account earlier in the month. e. Bookmart.com repaid the $4,300 loan established in (c). Assets Liabilities Stockholders' Equity a. b. c. d. e. Total
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