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Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable. Use a (+) to denote an increase and a (-) to denote a decrease, if any. A = L+E Example: (+) Issued common stock for cash Purchased a truck for cash Received a bank loan to pay for equipment Purchased the equipment for cash Made a deposit for electricity service to be provided in the future Paid rent for the month just ended Signed a new union contract that provides for increased wages in the future Hired a messenger service to deliver letters during a mail strike Received a parcel; paid the delivery service Billed customers for services performed Made a cash payment to satisfy an outstanding obligation ion to Financial Accounting First US Edition Received a payment of cash in satisfaction of an amount owed by a customer Collected cash from a customer for services rendered the same day Paid cash for truck operating expenses (gas, oil, etc.) Made a monthly payment on the bank loan; this payment included a payment on part of the loan and also an amount of interest expense. (Hint: This transaction affects more than two parts of the accounting equation.) Issued stock in the company to pay off a loan Paid a dividend with cash.

Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable. Use a (+) to denote an increase and a (-) to denote a decrease, if any. A = L+E Example: (+) Issued common stock for cash Purchased a truck for cash Received a bank loan to pay for equipment Purchased the equipment for cash Made a deposit for electricity service to be provided in the future Paid rent for the month just ended Signed a new union contract that provides for increased wages in the future Hired a messenger service to deliver letters during a mail strike Received a parcel; paid the delivery service Billed customers for services performed Made a cash payment to satisfy an outstanding obligation ion to Financial Accounting First US Edition Received a payment of cash in satisfaction of an amount owed by a customer Collected cash from a customer for services rendered the same day Paid cash for truck operating expenses (gas, oil, etc.) Made a monthly payment on the bank loan; this payment included a payment on part of the loan and also an amount of interest expense. (Hint: This transaction affects more than two parts of the accounting equation.) Issued stock in the company to pay off a loan Paid a dividend with cash.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA1: International Financial Reporting Standards
Section: Chapter Questions
Problem 7MCQ
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2:51 ACC111-Student Te... (+)(-) (-) (-) 3. 4. (-) (-) (+) (-) (+)(-) 5. (-) (+) 6. 7. 8. 9. (+)(-) Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable. Use a (+) to denote an increase and a (-) to denote a decrease, if any. A = L+E Example: (+) (+) Issued common stock for cash Purchased a truck for cash Received a bank loan to pay for equipment Purchased the equipment for cash Made a deposit for electricity service to be provided in the future Paid rent for the month just ended Signed a new union contract that provides for increased wages in the future Hired a messenger service to deliver letters during a mail strike Received a parcel; paid the delivery service Billed customers for services performed Made a cash payment to satisfy an outstanding obligation troduction to Financial Accounting First US Edition Received a payment of cash in satisfaction of an amount owed by a customer Collected cash from a customer for services rendered the same day Paid cash for truck operating expenses (gas, oil, etc.) Made a monthly payment on the bank loan; this payment included a payment on part of the loan and also an amount of interest expense. (Hint: This transaction affects more than two parts of the accounting equation.) Issued stock in the company to pay off a loan Paid a dividend with cash. Dashboard Calendar Тo Do Notifications Inbox
Transcribed Image Text:2:51 ACC111-Student Te... (+)(-) (-) (-) 3. 4. (-) (-) (+) (-) (+)(-) 5. (-) (+) 6. 7. 8. 9. (+)(-) Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable. Use a (+) to denote an increase and a (-) to denote a decrease, if any. A = L+E Example: (+) (+) Issued common stock for cash Purchased a truck for cash Received a bank loan to pay for equipment Purchased the equipment for cash Made a deposit for electricity service to be provided in the future Paid rent for the month just ended Signed a new union contract that provides for increased wages in the future Hired a messenger service to deliver letters during a mail strike Received a parcel; paid the delivery service Billed customers for services performed Made a cash payment to satisfy an outstanding obligation troduction to Financial Accounting First US Edition Received a payment of cash in satisfaction of an amount owed by a customer Collected cash from a customer for services rendered the same day Paid cash for truck operating expenses (gas, oil, etc.) Made a monthly payment on the bank loan; this payment included a payment on part of the loan and also an amount of interest expense. (Hint: This transaction affects more than two parts of the accounting equation.) Issued stock in the company to pay off a loan Paid a dividend with cash. Dashboard Calendar Тo Do Notifications Inbox
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