INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month on assets, liabilities, and owner's equity by inserting "+" for increase and “-" for decrease in the appropriate columns at the right. Question 1 Answers A OE 0. Received cash from owner as original investment. + + 1. Received cash for services provided (sold). 2. Purchased equipment for cash 3. Paid utilities for month . 4. Paid creditors on account. 5. Received cash for service sold to cash customers 6. Purchased land by signing a nine-month, non-interest-bearing note payable 7. Charged customers for service sold on account. 8. Paid miscellaneous expenses 9. Paid first installment due on the non-interest-bearing note payable 10. Purchased office supplies on account 11. Paid cash to owner on withdrawal 12. Recorded cost of supplies used during the month

INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month on assets, liabilities, and owner's equity by inserting "+" for increase and “-" for decrease in the appropriate columns at the right. Question 1 Answers A OE 0. Received cash from owner as original investment. + + 1. Received cash for services provided (sold). 2. Purchased equipment for cash 3. Paid utilities for month . 4. Paid creditors on account. 5. Received cash for service sold to cash customers 6. Purchased land by signing a nine-month, non-interest-bearing note payable 7. Charged customers for service sold on account. 8. Paid miscellaneous expenses 9. Paid first installment due on the non-interest-bearing note payable 10. Purchased office supplies on account 11. Paid cash to owner on withdrawal 12. Recorded cost of supplies used during the month

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Description: INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month onassets, liabilities, and owner's equity by inserting "+" for increase and “-" for decrease in theappropriate columns at the right.Question 1AnswersAOE0.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...

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