H. Xiao has the following transactions during August of the current year. Indicate (a) The effect on
Question:
(a) The effect on the accounting equation
(b) The debit-credit analysis illustrated on pages 66–70 of the text.
Aug. 1 Opens an office as a financial advisor, investing $8,000 in cash.
4 Pays insurance in advance for 6 months, $1,800 cash.
16 Receives $3,400 from clients for services performed.
27 Pays secretary $1,000 salary.
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Related Book For 
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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