For each of the accounting events that follow (A—F), indicate in the space provided the appropriate number designating the effect of that event. If none of the options applies, use NA for not applicable.
1. Increases assets, increases owners' equity.
2. Increases assets, increases liabilities.
3. Increases assets, decreases assets.
4. Decreases assets, decreases liabilities.
5. Decreases assets, decreases owners' equity.
———A. Paid an obligation of $1,300.
———B. Paid rent of $4,200 in advance for the year.
———C. Purchased office supplies costing $1,500 on account.
———D. Obtained a loan of $5 000 from First Bank.
———E. Provided services to a customer on account.
———F. Collected $500 cash from a customer who had previously been billed.

  • CreatedMarch 25, 2015
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