Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets = Liabilities
Question:
TRANSACTIONS
1. Owner invested $90,000 in the business.
2. Purchased $26,700 supplies on account.
3. Purchased equipment for $21,000 cash.
4. Paid $6,000 for rent (in advance).
5. Performed services for $7,800 cash.
6. Paid $2,160 for utilities.
7. Performed services for $10,500 on account.
8. Received $6,600 from charge account customers.
9. Paid salaries of $4,500 to employees.
10. Paid $6,000 to a creditor onaccount.
Transcribed Image Text:
Assets LitiesOwner's Equity Transaction 1
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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