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Exercise 8 entity. Indicated below are the effects of the transactions encountered by an Describe the transactions that transpired for each of the following items: Assets Liabilities Owner's Equity Owner's Owner's Office Prepaid Office Accounts Loans Capital 40,000 Drawing Cash 40,000 Supplies Rent Equipment Payable Payable 1. 2. 60,000 60,000 3. (30,000) 30,000 4. 8,000 8,000 5. (2,000) (2,000) 6. 25,000 25,000 7. (8,000) 8,000 8. (20,000) 20,000 9. (60,000) 60,000

Exercise 8 entity. Indicated below are the effects of the transactions encountered by an Describe the transactions that transpired for each of the following items: Assets Liabilities Owner's Equity Owner's Owner's Office Prepaid Office Accounts Loans Capital 40,000 Drawing Cash 40,000 Supplies Rent Equipment Payable Payable 1. 2. 60,000 60,000 3. (30,000) 30,000 4. 8,000 8,000 5. (2,000) (2,000) 6. 25,000 25,000 7. (8,000) 8,000 8. (20,000) 20,000 9. (60,000) 60,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 22MCQ: Comprehensive income: includes transactions that affect stockholders equity with the exception of...
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Indicated below are the effects of the transactions encountered by an entity. Describe the transaction that transpired for each of the following items:

Exercise 8 105 Indicated below are the effects of the transactions encountered by an entity. Describe the transactions that transpired for each of the following items: Owner's Equity Assets Liabilities Office Prepaid Owner's Owner's Office Accounts Loans Capital 40,000 Cash Supplies Rent Equipment Payable Payable Drawing 1. 40,000 2. 60,000 60,000 3. (30,000) 30,000 4. 8,000 8,000 5. (2,000) (2,000) 6. 25,000 25,000 7. (8,000) 8,000 8. (20,000) 20,000 9. (60,000) 60,000 15
Transcribed Image Text:Exercise 8 105 Indicated below are the effects of the transactions encountered by an entity. Describe the transactions that transpired for each of the following items: Owner's Equity Assets Liabilities Office Prepaid Owner's Owner's Office Accounts Loans Capital 40,000 Cash Supplies Rent Equipment Payable Payable Drawing 1. 40,000 2. 60,000 60,000 3. (30,000) 30,000 4. 8,000 8,000 5. (2,000) (2,000) 6. 25,000 25,000 7. (8,000) 8,000 8. (20,000) 20,000 9. (60,000) 60,000 15
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