What is the effect on assets, liabilities and shareholders equity of each of the following transactions? 1.
Question:
What is the effect on assets, liabilities and shareholders’ equity of each of the following transactions?
1. Contribute cash to the company in return for shares.
2. Borrow money from the bank.
3. Receive payment from a debtor.
4. Purchase inventory on credit.
5. Purchase inventory for cash.
6. Pay accounts payable.
7. Receive interest that was due from the previous accounting period.
8. Purchase furniture and fittings on credit.
9. An owner’s contribution of his motor vehicle to the company in return for additional shares.
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Related Book For 
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
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