Choose appropriate account names and demonstrate the dual effect that occurs when the following business transactions take place. For example, in (a) we would increase cash $14 000 and increase capital $14000.
a. Sam Major commenced business by contributing $14000 cash.
b. Received $7000 income for services performed.
c. Paid telephone account $191.
d. Sam Major withdrew cash from business $800.
e. Purchased office stationery on credit $1900.
f. Cash sales $700.
g. Credit sales of $610.
h. Sam Major withdrew office equipment from business $2000.
i. Sam Major negotiated with possible business partner to contribute $50 000 as a silent partner to the business.
j. Sam Major purchased a meal for his partner’s birthday on his personal credit card.