The Sebulba Podracer Company entered into the following transactions during the month of June: (1) purchased inventory on account for $190,000 (assume Sebulba uses a perpetual inventory system); (2) paid $49,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $138,000 to credit customers for $245,000; (4) collected $225,000 in cash from credit customers; and (5) paid suppliers of inventory $170,000.
Analyze each transaction and show the effect of each on the accounting equation for Sebulba.
Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.
Assets Liabilities + Paid-in capital + Retained Earnings
(1)
(2)
(3)
(4)
(5)
Answers: 3
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