Rawlco Communications operates 15 radio stations. The following events occurred during
September.
Placed an order for office supplies costing $1,800. Supplier intends to deliver later in the month.
Purchased equipment that cost $23,000; paid $6,000 cash and signed a promissory note to pay $17,000 in one month.
Negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company’s checking account.
Hired a new finance manager on the last day of the month.
Received an investment of $11,000 cash from the company’s owners in exchange for issuing common shares.
Supplies [ordered in (a)] were received, along with a bill for $1,800.
Indicate the specific account, amount, and direction of effects for each transaction on the radio station’s accounting equation. If an event is not considered a transaction, leave the account, amount and direction of effects blank. (Enter any decreases to account balances with a minus sign.)
ABLFGiHAssetsLiabilities+Stockholders’s Equity12equipment+23000payable note+17000cash60003cash-5000bank loan-50004cash+110006capitalsupplies11000+1800Account payable…
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