Kindly indicate the impact of each transaction on balance sheet items i.e. Assets, Liabilities, and Owner's Equity in Table 1 Given below.Use the following signs for each transition under the relevant item.+ The item is increased due to the transaction.– The item is decreased due to the transaction.+ /- One item is increased and another is decreased due to the transaction.Table 1S.NoTransactionAssetsLiabilitiesEquity1Investment made by the owner 2Equipment purchased on account 3Office equipment purchased with cash 4A bank loan was received in cash by the firm 5Equipment Sold 6More Equipment were purchased with Cash 7The loan lent by the bank was repaid by the firm 8Cash Withdrawals by the owner 9Cash received from an account customer 10Purchased Land, paid half in cash and half on credit

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Description: Kindly indicate the impact of each transaction on balance sheet items i.e. Assets, Liabilities, and Owner's Equity in Table 1 Given below.Use the following signs for each transition under the relevant item.+ The item is increased due to the transacti

Given: S.No Transaction 1 Investment made by the owner 2 Equipment purchased on account 3…

Answered: Kindly indicate the impact of each…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 2E: Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE),...

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Kindly indicate the impact of each transaction on balance sheet items i.e. Assets, Liabilities, and Owner's Equity in Table 1 Given below.

Use the following signs for each transition under the relevant item.

+ The item is increased due to the transaction.
– The item is decreased due to the transaction.
+ /- One item is increased and another is decreased due to the transaction.

Table 1

S.No	Transaction	Assets	Liabilities	Equity
1	Investment made by the owner
2	Equipment purchased on account
3	Office equipment purchased with cash
4	A bank loan was received in cash by the firm
5	Equipment Sold
6	More Equipment were purchased with Cash
7	The loan lent by the bank was repaid by the firm
8	Cash Withdrawals by the owner
9	Cash received from an account customer
10	Purchased Land, paid half in cash and half on credit

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