Direction: Indicate whether it is an increase, decrease, or no effect on the asset, liabilities, and equity accounts. Transaction Asset Liabilities Equity S. Paid utility expense in cash Decrease No effect Decrease 1. Investment of cash in the business 2. Purchase of computer equipment for cash 3. Billed a customer for services rendered 4. Received a loan granted by bank 5. Purchased office supplies on credit 6. Paid advertising expense 7. Paid rent in advance for 3 months 8. Received cash from customers on account 9. Withdrew cash for personal use 10. Invested land into the company
Direction: Indicate whether it is an increase, decrease, or no effect on the asset, liabilities, and equity accounts. Transaction Asset Liabilities Equity S. Paid utility expense in cash Decrease No effect Decrease 1. Investment of cash in the business 2. Purchase of computer equipment for cash 3. Billed a customer for services rendered 4. Received a loan granted by bank 5. Purchased office supplies on credit 6. Paid advertising expense 7. Paid rent in advance for 3 months 8. Received cash from customers on account 9. Withdrew cash for personal use 10. Invested land into the company
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 2.11E: Nature of transactions Cheryl Alder operates her own catering service. Summary financial data for...
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B. Direction: Indicate whether it is an increase, decrease, or no effect on the asset, liabilities, and equity accounts.
Transaction Asset Liabilities Equity
S. Paid utility expense in cash Decrease No effect Decrease
1. Investment of cash in the business
2. Purchase of computer equipment for cash
3. Billed a customer for services rendered
4. Received a loan granted by bank
5. Purchased office supplies on credit
6. Paid advertising expense
7. Paid rent in advance for 3 months
8. Received cash from customers on account
9. Withdrew cash for personal use
10. Invested land into the company
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