Indicate the effect of each of the following transactions on total assets, total liabilities, and total owners'
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Indicate the effect of each of the following transactions on total assets, total liabilities, and total owners' equity. Use + for increase, − for decrease, and (NE) for no effect. The first transaction is provided as anillustration.
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Assets Liabilities Owners' Equity a. Borrowed cash on a bank loan NE c. Sold common stock -. d. Purchased merchandise inventory on account.... e. Declared and paid dividends... colected an account receivable-..········ g. Sold merchandise inventory on account at a profit... h. Paid operating expenses in cash i. Repaid principal and interest on a bank loan.
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Assets Liabilities Owners Equity a Borrowed cash on a bank loan b Paid an ac...View the full answer
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Related Book For
Accounting What the Numbers Mean
ISBN: 978-0073527062
9th Edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
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