Using headings of ( assets, liabilities, Owners equity, netincome), show the aff

Question

Using headings of ( assets, liabilities, Owners equity, netincome), show the affect if any from the transactions below.Indicate whether its it is an addition or subtraction. Any netincome should ( not ) be shown as affecting ownersequity. here's the info: 1) The firm borrowed $2,000, a short term note wassigned. 2) Inventory was purchased for $750.00, only $200.00 was paid,balance in 30 days. 3) Wages was accrued at the end of the month of $1,000. 4) Sold merchandise that cost $350.00, for $450.00 incash. 5) Paid this month's rent of $700.00. 6) Revenues recieved $2,000 for services, of $6500.00, balancein 30 days. 7) During the month, supplies were purchased at a costof $520.00, and debited into supplies (assets) account, A total of$400.00 of supplies were used for the month. 8) Interest of $240.00 has been earned on a note receivable,but has not yet been recieved. Using headings of ( assets, liabilities, Owners equity, netincome), show the affect if any from the transactions below.Indicate whether its it is an addition or subtraction. Any netincome should ( not ) be shown as affecting ownersequity. here's the info: 1) The firm borrowed $2,000, a short term note wassigned. 2) Inventory was purchased for $750.00, only $200.00 was paid,balance in 30 days. 3) Wages was accrued at the end of the month of $1,000. 4) Sold merchandise that cost $350.00, for $450.00 incash. 5) Paid this month's rent of $700.00. 6) Revenues recieved $2,000 for services, of $6500.00, balancein 30 days. 7) During the month, supplies were purchased at a costof $520.00, and debited into supplies (assets) account, A total of$400.00 of supplies were used for the month. 8) Interest of $240.00 has been earned on a note receivable,but has not yet been recieved.

Explanation / Answer

1) The firm borrowed $2,000, a short term note was signed.(LIABILITY)
2) Inventory was purchased for $750.00, only $200.00 was paid,balance in 30 days.(+ IN ASSET) AND (- INCOGS)
3) Wages was accrued at the end of the month of$1,000.( + IN LIABILITY) AND (- INOE)
4) Sold merchandise that cost $350.00, for $450.00 in cash.( + to Assets in Cash)
5) Paid this month's rent of $700.00.(- IN ASSETS FROMCASH) AND (- OW AS RENT EXPENSE)
6) Revenues recieved $2,000 for services, of $6500.00, balancein 30 days. 7) During the month, supplies were purchased at a costof $520.00, and debited into supplies (assets) account, A total of$400.00 of supplies were used for the month. 8) Interest of $240.00 has been earned on a note receivable,but has not yet been recieved.(+ IN LIABILITIES) AND ( - INOWNERS EQUITY AS INTREST EXPENSE)

I hope this might help some.

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