Classify the following items as investment by owner (I), owners drawings (D), revenues (R), or expenses (E).
Question:
Classify the following items as investment by owner (I), owner’s drawings (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases owner’s equity.
a. Drawings.
b. Rent Revenue.
c. Advertising Expense.
d. Owner puts personal assets into the business.
e. Service Revenue.
f. Rent Expense.
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a Drawings is owners drawings D it decreases owners equity b Rent Revenue is revenu...View the full answer
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Related Book For
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
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