Your answer is partially correct. Try again. Crane Company, a computer services company, entered into these transactions during May 2017, Its first month of operations. 1. Stockholders invested $46,500 in the business in exchange for common stock of the company. 2. Purchased computers for office use (recorded as Equipment) for $25,500 from Ladd on the account.
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3. Paid $5,900 cash for May rent on storage space. 4. Performed computer services worth $15,700 on the account. 5. Performed computer services for Wharton Construction Company for $6,100 cash. 6. Paid Western States Power Co. $6,500 cash for energy usage on May 7. Paid Ladd for the computers purchased in (2) 8. Incurred advertising expense for May of $3,200 on the account. Received $10,000 cash from customers for contracts billed in (4). 9. the right-hand column. (If a Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Assets Accounts Receivable Retained Earnings Cash Equipment = Accounts Payable Common Stock + Revenues Expenses x (1) (2) Advertising Expense (3) Service Revenue (4) Advertising Expense (5) Utilities Expense (6) Rent Expense x (7) Utilities Expense (8) Rent Expense Advertising Expense (9) Get Accounting Homework Help Today