Selected transactions for Spring Cruises are listed below. 1. Made cash investment to start business. 2. Paid monthly rent. 3. Purchased equipment on account. 4. Billed customers for services performed. 5. Withdrew cash for owners personal use. 6. Received cash from customers billed in (4). 7. Incurred advertising expense on account. 8. Purchased additional equipment for cash. 9. Received cash

Chapter 1, Exercises #6

Selected transactions for Spring Cruises are listed below.

1. Made cash investment to start business.

2. Paid monthly rent.

3. Purchased equipment on account.

4. Billed customers for services performed.

5. Withdrew cash for owner’s personal use.

6. Received cash from customers billed in (4).

7. Incurred advertising expense on account.

8. Purchased additional equipment for cash.

9. Received cash from customers when service was performed.


Instructions

List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and owner’s equity. For example, the first answer is: (1) Increase in assets and increase in owner’s equity.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
Related Book For answer-question

Accounting Principles

IFRS global edition

Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt

ISBN: 978-1119419617