Prepare an equation analysis of the effects of the following transactions on the expanded accounting equation, similar

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Prepare an equation analysis of the effects of the following transactions on the expanded accounting equation, similar to that shown in Illustration 3.3.

1. Purchased supplies on account, $250.

2. Provided a service on account, $500.

3. Paid salaries expense, $300.

4. Issued common shares in exchange for cash, $5,000.

5. Declared and paid $100 of dividends to shareholders.

6. Received cash from a customer who had previously been billed for services provided, $500 (see item 2).

7. Paid account owed to supplier on account, $250 (see item 1).

8. Paid for insurance in advance, $100.

9. Received cash in advance from a customer for services to be performed in the future, $300.

10. Performed the service that the customer previously paid for (see item 9).

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119368458

7th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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