Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Purchased supplies on account, $160. Indicate the effect of each transaction on the accounting equation by: a. Account type - (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue, and (E) expense. b. Name of account c. Amount of the transaction d. Direction of change (increase or decrease) in the account affected Note: Each transaction has two entries. Enter all amounts as positive numbers. Entry 1 2 3 Acct. Type (a) Name of Acct. (b) Amount (c) Increase or Decrease (d) Acct. Type (a) Entry Name of Acct. (b) Amount (c) Increase or Decrease (d)

Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Purchased supplies on account, $160. Indicate the effect of each transaction on the accounting equation by: a. Account type - (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue, and (E) expense. b. Name of account c. Amount of the transaction d. Direction of change (increase or decrease) in the account affected Note: Each transaction has two entries. Enter all amounts as positive numbers. Entry 1 2 3 Acct. Type (a) Name of Acct. (b) Amount (c) Increase or Decrease (d) Acct. Type (a) Entry Name of Acct. (b) Amount (c) Increase or Decrease (d)

Name: Daniels Company made the following selected transactions during May:1
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Description: Daniels Company made the following selected transactions during May:1. Received cash from sale of stock, $55,000.2. Paid creditors on account, $7,000.3. Billed customers for services on account, $2,565.4. Received cash from customers on account, $8,

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.10E: Effects of transactions on Accounting equation On Time Delivery Service had the following selected...

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