Exercise $13-6$A $($Static$)$ Identifying transaction type, its effect on the accounting equation, and whether the effect is recorded with a debit or credit LO $13-1$

Required

Identify whether each of the following transactions is an asset source $($AS$),$ asset use $($AU$),$ asset exchange $($AE$),$ or claims exchange $($CE$).$ Also explain how each event affects the accounting equation by placing $a+$ for increase, and $-$ for decrease under each of the elements of the accounting equation. Finally, indicate whether the effect requires a debit or credit entry. Not all cells may require an input $-$ leave cells blank if there is no corresponding input needed. The first event is recorded as an example.

a$.$ Purchased supplies on account.

b$.$ Acquired cash from the issue of common stock.

c$.$ Paid cash in advance for one year of rent.

d$.$ Paid salaries payable

e$.$ Received cash for services to be performed in the future.

f$.$ Paid a cash dividend to the stockholders.

g$.$ Received cash in payment of accounts receivable.

h$.$ Paid accounts payable.

i$.$ Provided services for cash.

j$.$ Recognized expense for supplies used during the period.

k$.$ Recognized revenue for services completed for which cash had been collected previously.

Incurred other operating expenses on account.

m$.$ Purchased land with cash.

$\backslash$table$[[$Event$,$Type of Event,Assets,$=,$Liabilities,Stockholders' Equity$],[+,$Common Stock,$+,$Retained Earnings$],[$a$.,$AS$,+$Debit,$=,+$Credit,t$,,+,],[$b$.,$AS$,+$Debit,$=,,+,+$Credit,$+,$Credit$],[$c$.,\frac{?}{\text{b}\text{a}\text{r}}(AE),+$Debit$-$Credit,$=,$Ce$,+,,+,],[$d$.,\frac{?}{\text{b}\text{a}\text{r}}(AU),-$Credit,$=,-$Debit,t$,$w$,+,],[$e$.,$AS$,+$Debit,$=,+$Credit,$+,,+,],[$f$.,\frac{?}{\text{b}\text{a}\text{r}}(AU),-$Credit,$=,$Pititi,$+,14,+,],[$g$.,\frac{?}{\text{b}\text{a}\text{r}}(AE),+$Debit$/-$Credit,$=,5,+,,+,],[$h$.,\frac{?}{\text{b}\text{a}\text{r}}(AU),-$Credit,$=,-$Debit,$+,,+,],[$i$.,$TAS,$+$Debit,$1=,,+,,1+,]]$