IPW, Inc. began operations on January 1, 2015. The seven transactions recorded during January by the company

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IPW, Inc. began operations on January 1, 2015. The seven transactions recorded during January by the company accountant are shown in the following T-accounts:

Cash 1010 Equipment 1040 Dividends 3020 3,000 3,000 3,000 (1) 15,000 (2) (5) (6) (7) 8,450|| (2) (7) Bal 1,000 1,000 | 2

Complete the following table. For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side.

Type Normal Balance Transaction Dr. or Cr. Accounts Affected Cash Common Shares Shareholders' Equity (1) Asset Increase
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Related Book For  answer-question

Financial Accounting

ISBN: 978-0133375534

2nd Canadian edition

Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad

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