st 2. Indicate the effects of each transaction on the space provided. Write the letter only. Increase in asset, decrease another asset. b. a. Increase an asset, increase a liability. Increase an asset, increase owner's equity. di. C. Decrease an asset, decrease a liability. Decrease an asset, decrease owner's equity. e. Cash received from delivery services, P92,700. Paid creditors on account, P20,000. Received cash from owner as additional investment, P600,000. Paid advertising expense, P5,000. Billed customers for delivery services on account, P55,200. Purchased supplies for cash, P6,000. Paid rent for January, P20,000. received cash from.customers on account, P25,440. Determined/that the cost of supplies on hand was P1,440 so P4,650 of supplies were used during the 9. month. 10. Owner withdrew cash for personal use, P20,000. 12345 670

st 2. Indicate the effects of each transaction on the space provided. Write the letter only. Increase in asset, decrease another asset. b. a. Increase an asset, increase a liability. Increase an asset, increase owner's equity. di. C. Decrease an asset, decrease a liability. Decrease an asset, decrease owner's equity. e. Cash received from delivery services, P92,700. Paid creditors on account, P20,000. Received cash from owner as additional investment, P600,000. Paid advertising expense, P5,000. Billed customers for delivery services on account, P55,200. Purchased supplies for cash, P6,000. Paid rent for January, P20,000. received cash from.customers on account, P25,440. Determined/that the cost of supplies on hand was P1,440 so P4,650 of supplies were used during the 9. month. 10. Owner withdrew cash for personal use, P20,000. 12345 670

Name: est 2. Indicate the effects of each transaction on the space provided
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Description: est 2. Indicate the effects of each transaction on the space provided. Write the letter only.a. Increase in asset, decrease another asset.b.Increase an asset, increase a liability.Increase an asset, increase owner's equity.Decrease an asset, decreas

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 2SEB: DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The...

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DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The asset account Prepaid Insurance is increased with a ________. (b) The owners drawing account is increased with a ________. (c) The asset account Accounts Receivable is decreased with a ________. (d) The liability account Accounts Payable is decreased with a ________. (e) The owners capital account is increased with a ________. (f) The revenue account Professional Fees is increased with a ________. (g) The expense account Repair Expense is increased with a ________. (h) The asset account Cash is decreased with a ________. (i) The asset account Delivery Equipment is decreased with a ________.
Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders’ equity? A. Borrowed $40,000 from First National Bank B. Purchased land for $50,000 cash C. Received $3,800 for fees earned D. Paid $4,000 for Office salaries
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Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: Increase in an asset, decrease in another asset. Increase in an asset, increase in a liability. Increase in an asset, increase in owner's equity. Decrease in an asset, decrease in a liability. Decrease in an asset, decrease in owner's equity. 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750. 3. Paid rent for February, $3,000. 4. Paid advertising expense, $1,500. 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500. 7. Paid creditors on account, $1,400. 8. Received cash from customers on account, $23,770. 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. 10.…
Transactions The selected transactions below were completed by Silverado Delivery Service during February: Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: Increase in an asset, decrease in another asset. Increase in an asset, increase in a liability. Increase in an asset, increase in owner's equity. Decrease in an asset, decrease in a liability. Decrease in an asset, decrease in owner's equity. 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750. 3. Paid rent for February, $3,000. 4. Paid advertising expense, $1,500. 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500. 7. Paid creditors on account, $1,400.
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