Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below.
$\begin{array}{|l|l|l|l|}
\hline &Assets&Liabilities&Owner's~ Equity\
\hline \text{a. Shiny Kar withckew \$ 500 cash for food.}\
\hline \text{b. Shiny Kar Company sold 2 cars for a total of \$ 55,000 on account.}\
\hline \text{c. The cost of the cars sold in (b) above was \$ 40,000 .}\
\hline \text{d. Shiny Kar received \$ 35,000 payment for a car previously sald on account.}\
\hline \text{e. Shiny Kar paid \$ 450 for advertising,}\
\hline \text{f. Shiny Kar purchased \$ 150 of cleaning supplies on account.}\
\hline
\end{array}$

Question

Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below.
 $\begin{array}{|l|l|l|l|}
\hline &Assets&Liabilities&Owner's~ Equity\
\hline \text{a. Shiny Kar withckew \$ 500  cash for food.}\
\hline \text{b. Shiny Kar Company sold 2 cars for a total of  \$ 55,000  on account.}\
\hline \text{c. The cost of the cars sold in (b) above was \$ 40,000 .}\
\hline \text{d. Shiny Kar received  \$ 35,000  payment for a car previously sald on account.}\
\hline \text{e. Shiny Kar paid \$ 450  for advertising,}\
\hline \text{f. Shiny Kar purchased  \$ 150  of cleaning supplies on account.}\
\hline 
\end{array}$

Quizplus · Accepted Answer

The Answer of Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below.
 $\begin{array}{|l|l|l|l|}
\hline &Assets&Liabilities&Owner's~ Equity\
\hline \text{a. Shiny Kar withckew \$ 500  cash for food.}\
\hline \text{b. Shiny Kar Company sold 2 cars for a total of  \$ 55,000  on account.}\
\hline \text{c. The cost of the cars sold in (b) above was \$ 40,000 .}\
\hline \text{d. Shiny Kar received  \$ 35,000  payment for a car previously sald on account.}\
\hline \text{e. Shiny Kar paid \$ 450  for advertising,}\
\hline \text{f. Shiny Kar purchased  \$ 150  of cleaning supplies on account.}\
\hline 
\end{array}$

Shiny Kar Company Had the Following Transactions