Please don't provide answer in image format thank you EZ Curb Company completed the following transactions. The annual accounting period ends December 31.January 8 Purchased merchandise on account at a cost of $17,500. (Assume a perpetual inventory system.)January 17 Paid for the January 8 purchase.April 1Received $45,600 from National Bank after signing a 12-month, 9.5 percent, promissory note.June 3Purchased merchandise on account at a cost of $21,500.July 5Paid for the June 3 purchase.July 31 Rented out a small office in a building owned by EZ Curb Company and collected six months' rent in advance, amounting to $8,100. (Use an account called Deferred Revenue.)December 20 Collected $170 cash on account from a customer.December 31 Determined that wages of $7,900 were earned but not yet paid on December 31 (Ignore payroll taxes).December 31 Adjusted the accounts at year-end, relating to interest.December 31 Adjusted the accounts at year-end, relating to rent.Required:1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation.2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 1.0.)

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Description: Please don't provide answer in image format thank you EZ Curb Company completed the following transactions. The annual accounting period ends December 31.January 8 Purchased merchandise on account at a cost of $17,500. (Assume a perpetual inventory s

Accounting Equation is a summary in which the effect of each transaction on the balance sheet is…

Business

Accounting

Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. 2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 1.0.)

Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. 2. For each transaction and related adjusting entry, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume EZ Curb Company's debt-to-assets ratio has always been less than 1.0.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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