Describe a transaction that resulted in the following changes in accounts. a. Rent Expense is increased by

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Describe a transaction that resulted in the following changes in accounts.
a. Rent Expense is increased by $ 1,050, and Cash is decreased by $ 1,050.
b. Advertising Expense is increased by $ 835, and Accounts Payable is increased by $ 835.
c. Accounts Receivable is increased by $ 372, and Service Income is increased by $
d. Cash is decreased by $ 410, and C. Tryon, Drawing, is increased by $ 410.
e. Equipment is increased by $ 1,850, Cash is decreased by $ 850, and Accounts Payable is increased by $ 1,000.
f. Cash is increased by $ 1,650, and Accounts Receivable is decreased by $ 1,650.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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