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Indicate how the following business transactions affect the basic accounting equation. (a) Paid cash for janitorial services. (b) Purchased equipment for cash. (c) Invested cash in the business. (d) Paid accounts payable in full.

Chapter 1, Questions #16

Indicate how the following business transactions affect the basic accounting equation.

(a) Paid cash for janitorial services.

(b) Purchased equipment for cash.

(c) Invested cash in the business.

(d) Paid accounts payable in full.

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...

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Related Book For answer-question
Accounting Principles

Accounting Principles

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

ISBN: 9781118566671

Answers for Questions in Chapter 1

Brief Exercises:
Broadening Your Perspective:
DO IT! Review:
Exercises:
Problem Set A:
Problem Set B:
Questions:

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