C- Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services rendered. 2. Purchased office equipment on credit 3. Paid employees' salaries. 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2. 7. Purchased office supplies on credit. 8. Owner withdrew cash for personal expenses. 9. Obtained a loan from the bank. 10. Billed customers for services rendered. || ||

C- Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services rendered. 2. Purchased office equipment on credit 3. Paid employees' salaries. 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2. 7. Purchased office supplies on credit. 8. Owner withdrew cash for personal expenses. 9. Obtained a loan from the bank. 10. Billed customers for services rendered. || ||

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 1.9EX: Effect of transactions on accounting equation What is the effect of each of the following...

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