For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Enter your answers in transaction order provided in the problem statement.)-assets, liabilioties and stockholders equity 2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change as well as its numerator and denominator effect. (Assume EZ Curb Company’s debt-to-assets ratio has always been less than 1.0.) (Enter your answers in transaction order provided in the problem statement.)
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EZ Curb Company completed the following transactions. The annual accounting period ends December 31. |
| Jan. 8 |
Purchased merchandise on account at a cost of $19,000. (Assume a perpetual inventory system.) |
| 17 | Paid for the January 8 purchase. |
| Apr. 1 | Received $48,000 from National Bank after signing a 12-month, 11.0 percent, promissory note. |
| June 3 | Purchased merchandise on account at a cost of $23,000. |
| July 5 | Paid for the June 3 purchase. |
| Aug. 1 |
Rented out a small office in a building owned by EZ Curb Company and collected six months’ rent in advance, amounting to $9,000. (Use an account called Unearned Revenue.) |
| Dec. 20 |
Collected $200 cash on account from a customer. |
| Dec. 31 |
Determined that wages of $8,500 were earned but not yet paid on December 31 (Ignore payroll taxes). |
| Dec. 31 | Adjusted the accounts at year-end, relating to interest. |
| Dec. 31 | Adjusted the accounts at year-end, relating to rent. |
| Required: |
| 1. |
For each listed transaction and related
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