Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock,...
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Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Purchased supplies on account, $160. Indicate the effect of each transaction on the accounting equation by: a. Account type (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue, and (E) expense b. Name of account c. Amount of the transaction d. Direction of change (increase or decrease) in the account affected Note: Each transaction has two entries. Enter all amounts as positive numbers. 2 3 4 5 6 Entry Entry Acct. Type (a) Name of Acct. (b) Amount (c) Increase or Decrease (d) Acct. Type (a) Name of Acct. (b) Amount (c) Daniels Company made the following selected transactions during May: 1. Received cash from sale of stock, $55,000. 2. Paid creditors on account, $7,000. 3. Billed customers for services on account, $2,565. 4. Received cash from customers on account, $8,450. 5. Paid dividends to stockholders, $2,500. 6. Purchased supplies on account, $160. Indicate the effect of each transaction on the accounting equation by: a. Account type (A) assets, (L) liabilities, (SE) stockholders' equity, (R) revenue, and (E) expense b. Name of account c. Amount of the transaction d. Direction of change (increase or decrease) in the account affected Note: Each transaction has two entries. Enter all amounts as positive numbers. 2 3 4 5 6 Entry Entry Acct. Type (a) Name of Acct. (b) Amount (c) Increase or Decrease (d) Acct. Type (a) Name of Acct. (b) Amount (c)
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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