Analyse the following transactions in terms of their effect on the basic accounting equation. Record each transaction
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Question:
1. Issued shares to investors for $12,000 in cash.
2. Purchased supplies on credit for $700.
3. Invoiced customers $400 for services provided.
4. Paid for supplies purchased in transaction 2.
5. Paid dividends of $300 cash to shareholders.
6. Received half of amount owing by customers invoiced in transaction 3.
7. Received and paid electricity bill for $50.
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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