Answered Essay: Selected transactions for Thyme Advertising Company, Inc. are listed here

Selected transactions for Thyme Advertising Company, Inc. are listed here

Describe the effect of each transaction on assets, liabilities, and stockholders’ equity.

1. Issued common stock to investors in exchange for cash received from investors.  Decrease in assets and decrease in liabilities.Increase in assets and increase in liabilities.Increase in liabilities and decrease in liabilitiesDecrease in liabilities and increase in stockholders’ equity.Increase in assets and increase in stockholders’ equity.Decrease in assets and decrease in stockholders’ equity.Increase in liabilities and decrease in stockholders’ equity.Increase in assets and decrease in assets.
2. Paid monthly rent.  Decrease in assets and decrease in liabilities.Increase in liabilities and decrease in stockholders’ equity.Increase in assets and decrease in assets.Increase in assets and increase in liabilities.Decrease in liabilities and increase in stockholders’ equity.Increase in assets and increase in stockholders’ equity.Decrease in assets and decrease in stockholders’ equity.Increase in liabilities and decrease in liabilities
3. Received cash from customers when service was performed.  Increase in assets and decrease in assets.Increase in assets and increase in liabilities.Decrease in liabilities and increase in stockholders’ equity.Increase in liabilities and decrease in stockholders’ equity.Decrease in assets and decrease in stockholders’ equity.Decrease in assets and decrease in liabilities.Increase in liabilities and decrease in liabilitiesIncrease in assets and increase in stockholders’ equity.
4. Billed customers for services performed.  Increase in assets and decrease in assets.Decrease in assets and decrease in liabilities.Decrease in assets and decrease in stockholders’ equity.Increase in assets and increase in liabilities.Decrease in liabilities and increase in stockholders’ equity.Increase in liabilities and decrease in liabilitiesIncrease in liabilities and decrease in stockholders’ equity.Increase in assets and increase in stockholders’ equity.
5. Paid dividend to stockholders.  Increase in liabilities and decrease in liabilitiesIncrease in assets and increase in stockholders’ equity.Increase in liabilities and decrease in stockholders’ equity.Decrease in assets and decrease in stockholders’ equity.Increase in assets and decrease in assets.Increase in assets and increase in liabilities.Decrease in liabilities and increase in stockholders’ equity.Decrease in assets and decrease in liabilities.
6. Incurred advertising expense on account.  Increase in liabilities and decrease in liabilitiesDecrease in assets and decrease in liabilities.Increase in assets and increase in stockholders’ equity.Increase in liabilities and decrease in stockholders’ equity.Decrease in assets and decrease in stockholders’ equity.Increase in assets and decrease in assets.Increase in assets and increase in liabilities.Decrease in liabilities and increase in stockholders’ equity.
7. Received cash from customers billed in (4).  Increase in assets and increase in stockholders’ equity.Increase in assets and decrease in assets.Increase in liabilities and decrease in stockholders’ equity.Increase in assets and increase in liabilities.Increase in liabilities and decrease in liabilitiesDecrease in assets and decrease in stockholders’ equity.Decrease in liabilities and increase in stockholders’ equity.Decrease in assets and decrease in liabilities.
8. Purchased additional equipment for cash.  Increase in liabilities and decrease in liabilitiesIncrease in liabilities and decrease in stockholders’ equity.Increase in assets and decrease in assets.Increase in assets and increase in stockholders’ equity.Decrease in assets and decrease in stockholders’ equity.Increase in assets and increase in liabilities.Decrease in liabilities and increase in stockholders’ equity.Decrease in assets and decrease in liabilities.
9. Purchased equipment on account.  Decrease in liabilities and increase in stockholders’ equity.Increase in assets and increase in liabilities.Decrease in assets and decrease in liabilities.Increase in liabilities and decrease in liabilitiesDecrease in assets and decrease in stockholders’ equity.Increase in liabilities and decrease in stockholders’ equity.Increase in assets and increase in stockholders’ equity.Increase in assets and decrease in assets.

Expert Answer

 

1) increase in assets and increase in stockholders Equity
(cash and common stock)
2) Decrease in assets and decrease in stockholders Equity
(rent expense and cash)
3) increase in assets and increase in stockholders Equity
(cash and serivce services )
4) increase in assets and increase in stockholders Equity
(accounts receivable and service revenue)
5) decrease in assets and decrease in stockholders Equity
(cash and dividend)
6) increase in liabilities and decrease in stockholders equity
(Advertising expense and accounts payable)
7) increase in assets and decrease in assets
Cash and account receivable)
8) increases in assets and decrease in assets
(Equipment and cash
9) increase in assets and increase in liabilities
(Equipment and accounts payable)
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