Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets,
Question:
Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and "-" for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column.
A | L | OE | ||
(a) | Received cash from owner as an additional investment | _____ | _____ | _____ |
(b) | Purchased supplies on account | _____ | _____ | _____ |
(c) | Paid rent for the current month | _____ | _____ | _____ |
(d) | Received cash for services sold to customers | _____ | _____ | _____ |
(e) | Returned some defective supplies purchased in (b) | _____ | _____ | _____ |
(f) | Paid insurance premiums in advance | _____ | _____ | _____ |
(g) | Paid cash to creditor for purchases in (b) | _____ | _____ | _____ |
(h) | Charged customers for services sold on account | _____ | _____ | _____ |
(i) | Paid cash to a customer as a refund for an overcharge | _____ | _____ | _____ |
(j) | Received cash on account from customers | _____ | _____ | _____ |
(k) | Owner withdrew cash for personal use | _____ | _____ | _____ |
(l) | Recorded the cost of supplies used during the year | _____ | _____ | _____ |
(m) | Received invoice for electricity used | _____ | _____ | _____ |
(n) | Paid wages | _____ | _____ | _____ |
(o) | Purchased a truck for cash | _____ | _____ | _____ |
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren