Presented below are eight business transactions, Indicate the effect of each transaction on each element of...

 

Transcribed Image Text:

Presented below are eight business transactions, Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $272 of supplies on account. (b) Performed $514 of services on account. (c) Paid $304 of operating expenses. (d) Paid $272 cash on account for the supplies purchased in item (a) above. (e) Invested $1,196 cash in the business. (f) Owner withdrew $428 cash. (8) Hired an employee to start working the following month. (b) Received $514 from a customer who had been billed previously in item (b) above. (Purchased $414 of equipment in exchange for a note payable. Use the below format, in which the first one has been done for you as an example: (If a transaction causes a decrease in Assets, Liabilities or Own place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See 1-13 for example.) Transaction Assets (a) (b) (c) (d) (1) (E) (h) (i) eTextbook and Media $272 Liabilities $272 Owner's Equity Capital $0 Drawings $0 Revenues $0 Expenses Presented below are eight business transactions, Indicate the effect of each transaction on each element of the accounting equation. (a) Purchased $272 of supplies on account. (b) Performed $514 of services on account. (c) Paid $304 of operating expenses. (d) Paid $272 cash on account for the supplies purchased in item (a) above. (e) Invested $1,196 cash in the business. (f) Owner withdrew $428 cash. (8) Hired an employee to start working the following month. (b) Received $514 from a customer who had been billed previously in item (b) above. (Purchased $414 of equipment in exchange for a note payable. Use the below format, in which the first one has been done for you as an example: (If a transaction causes a decrease in Assets, Liabilities or Own place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See 1-13 for example.) Transaction Assets (a) (b) (c) (d) (1) (E) (h) (i) eTextbook and Media $272 Liabilities $272 Owner's Equity Capital $0 Drawings $0 Revenues $0 Expenses