T5: CASH signed a contract with a local carpenter to build a fence to enclose...
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Accounting
T5: CASH signed a contract with a local carpenter to build a fence to enclose the backyard. The carpenter charges $250 per hour and expects the fence to take 10 hours to complete. He will begin work next month.
Explain the impact of transaction 5 on the Fundamental Equation of Accounting. That is what assets, liabilities and/or net assets are affected by the transaction. Be sure to include the dollar amount involved. Your answer can be descriptive and need not be in the context of a ledger but it must clearly demonstrate your understanding of the impact.
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