OBJECTIVE 9 Exercise 2-47 Debit and Credit Effects of Transactions
Lincoln Corporation was involved in the following transactions during the current year:
Required:
Prepare a table like the one shown below and indicate the effect on assets, liabilities, and stock-holders, equity. Be sure to enter debits and credits in the appropriate columns for each of the transactions. Transaction a is entered as an example:
Introduction:
The accounting equation suggests that the assets must be equal to the addition of liabilities and stockholders’ equity. A business transaction is recorded and presented in financial statement when it affects the elements of the accounting equation.
To Prepare :
Prepare the table to show the effects the transactions on assets, liabilities, and stockholders’ equity.
Particular | Increase | Decrease |
Assets | Debit | Credit |
Liabilities | Credit |
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