In-class activity 1 Purpose: Determining the effects of transactions on the accounting equation. Instruction: Indicate the...

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In-class activity 1 Purpose: Determining the effects of transactions on the accounting equation. Instruction: Indicate the impact of each of the transactions below on the fundamental accounting equation, TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account. 3. Received $6,500 from charge account customers. 4. Paid salaries of $4,500 to employees. 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash. 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash FLEMING COLLEGE TORONTO Copyright © Larson, Dieckmann, (2019). Fundamental Accounting Principles Vol 1. 17th edition. In-class activity 1 Purpose: Determining the effects of transactions on the accounting equation. Instruction: Indicate the impact of each of the transactions below on the fundamental accounting equation, TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account. 3. Received $6,500 from charge account customers. 4. Paid salaries of $4,500 to employees. 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash. 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash FLEMING COLLEGE TORONTO Copyright © Larson, Dieckmann, (2019). Fundamental Accounting Principles Vol 1. 17th edition.

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