A number of business transactions carried out by Green River Frame are shown below: The owner invested cash in the business. Purchased a computer on credit Purchased office equipment for cash. Purchased small office building for cash and credit both. Collected notes receivables. Sold land for cash at a price equal to its cost. Borrowed money from bank. Paid a lability. Received cash from computer store. Owner’s drawing. Instructions: Indicate the effects of each of these transactions upon the total amounts of the company’s assets, liabilities and owner’s equity. Organize your answer in tabular form using the column headings shown below and the code letters I for increase, D for decrease and NE for no effect.
A number of business transactions carried out by Green River Frame are shown below: The owner invested cash in the business. Purchased a computer on credit Purchased office equipment for cash. Purchased small office building for cash and credit both. Collected notes receivables. Sold land for cash at a price equal to its cost. Borrowed money from bank. Paid a lability. Received cash from computer store. Owner’s drawing. Instructions: Indicate the effects of each of these transactions upon the total amounts of the company’s assets, liabilities and owner’s equity. Organize your answer in tabular form using the column headings shown below and the code letters I for increase, D for decrease and NE for no effect.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter1: Business Transactions (ptrans)
Section: Chapter Questions
Problem 5R: On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had...
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A number of business transactions carried out by Green River Frame are shown below:
- The owner invested cash in the business.
- Purchased a computer on credit
- Purchased office equipment for cash.
- Purchased small office building for cash and credit both.
- Collected notes receivables.
- Sold land for cash at a price equal to its cost.
- Borrowed money from bank.
- Paid a lability.
- Received cash from computer store.
- Owner’s drawing.
Instructions: Indicate the effects of each of these transactions upon the total amounts of the company’s assets, liabilities and owner’s equity. Organize your answer in tabular form using the column headings shown below and the code letters I for increase, D for decrease and NE for no effect.
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