Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets = Liabilities + Owner's Equity)
Question:
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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
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
Question Details
Chapter #
2- Analyzing Business Transactions
Section: Exercises
Problem: 3
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Question Posted: June 24, 2017 08:33:14