Indicate the effects of the following business transactions on the accounting eq

Question

Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Transaction (a) is answered as a guide ?(Click the icon to view the transactions.) a. Received cash of $10,000 from owner and gave capital. a. Increase asset (Cash) b. Earned video rental revenue on account, $2,800 b. More Info ncrease equity (Vivian, Capital a. Received cash of $10,000 from owner and gave capital b. Earned video rental revenue on account, $2,800. c. Purchased office furniture on account, $300 d. Received cash on account, $400. e. Paid cash on account, $100 f. Rented videos and received cash of $200 g. Paid monthly office rent of $1,000 h. Paid $100 cash to purchase office supplies. Print Done

Explanation / Answer

a Increase asset (Cash); Increase equity (Common Stock) b Increase asset (Accounts Receivable); Increase equity (Rental Revenue) c Increase asset (Office Furniture); Increase liability (Accounts Payable) d Increase asset (Cash); Decrease asset (Accounts Receivable) e Decrease asset (Cash); Decrease liability (Accounts Payable) f Increase asset (Cash); Increase equity (Rental Revenue) g Decrease asset (Cash); Decrease equity (Office Rent Expense) h Decrease asset (Cash); Increase asset (Office Supplies)

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