Question

Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets = Liabilities + Owner’s Equity) by placing a “+” to indicate an increase and a “–” to indicate a decrease. The first transaction is entered as an example.


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.


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  • CreatedAugust 08, 2014
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