On Time Delivery Service had the folowing selected transactions during November: 1. Received cash from issuance of common sck, $75,000. 2. Paid rent for November, $5,000. 3. Paid acvertising expense, $3,000. 4. Received cash for providing delivery services, 534,500. 5. Borromed $10,000 from Second National Rank ka finance its aperations. 6. Purchased a delivery van for cash, $25000. 7. Paid inierest on nole from Second National Bank, $75. &. Paid salaries and wages kr November, $10000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of cach number the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. E. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders" equity. a Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders" equity.

On Time Delivery Service had the folowing selected transactions during November: 1. Received cash from issuance of common sck, $75,000. 2. Paid rent for November, $5,000. 3. Paid acvertising expense, $3,000. 4. Received cash for providing delivery services, 534,500. 5. Borromed $10,000 from Second National Rank ka finance its aperations. 6. Purchased a delivery van for cash, $25000. 7. Paid inierest on nole from Second National Bank, $75. &. Paid salaries and wages kr November, $10000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of cach number the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. E. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders" equity. a Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders" equity.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1AP

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