Question

Use the following table to show the effects of transactions. Use + or -and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation.

Table is set up as folliowing to record transactions

Assets Liabilities Equity

1) Shareholders investd $5,000 each to begin business
2) Copymaster bought copying machine for $1,500
3) Copymaster sold copies to customers for $500 cash
4) Copymaster produces copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month
5) Copymaster paid employees $600
6) Copymaster bought supplies for $3,00
7) Copymaster paid rent for $700
8) Copymaster paid utilities for $200
9) Copymaster bought office furniture for $500
10) Copymaster had an unpaid phone bil at month-end for $100

Please put these in the correct column with either + or - and if possible please explain why you applied each transaction the way you did.

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Principles of Accounting Volume 1
Principles of Accounting Volume 1
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ISBN: 9781947172685
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Analyzing And Recording Transactions. 16EA
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