Presented here are three economic events. On a sheet of paper, list the letters (a), (b) and (c) with columns for assets, liabilities and equity. In each column, indicate whether the event increased (+), decreased (−) or had no effect (NE) on assets, liabilities and equity. Purchased equipment on account. Received cash for providing a service. Received cash from a customer who had purchased goods the previous week on account. Assets Liabilities Equity (a) (b) (c)
Presented here are three economic events. On a sheet of paper, list the letters (a), (b) and (c) with columns for assets, liabilities and equity. In each column, indicate whether the event increased (+), decreased (−) or had no effect (NE) on assets, liabilities and equity. Purchased equipment on account. Received cash for providing a service. Received cash from a customer who had purchased goods the previous week on account. Assets Liabilities Equity (a) (b) (c)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 2SEA: DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The...
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- Presented here are three economic events. On a sheet of paper, list the letters (a), (b) and (c) with columns for assets, liabilities and equity. In each column, indicate whether the event increased (+), decreased (−) or had no effect (NE) on assets, liabilities and equity.
- Purchased equipment on account.
- Received cash for providing a service.
- Received cash from a customer who had purchased goods the previous week on account.
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Assets |
Liabilities |
Equity |
(a) |
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(b) |
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(c) |
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