Chapter 2 Homework TRANSACTIONS L Paid $2300 for utlities 2. Performed services
ID: 2809750 • Letter: C
Question
Chapter 2 Homework TRANSACTIONS L Paid $2300 for utlities 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4500 to employees S. Paid $8,000 toa creditor on account 6. Owner invested $90,000 in the business . Purchased $26,700 of supplies on account 8. Purchased equipment for $21,000 cash 9 Paid $6.000 for rent 0n advance) 10. Performed services for $7,800 cash Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets Liablities+ Owner's Equity) by plicing a * to indicate an increase and a -to indicate a decrease. The first transaction is entered as an example. (If transaction Buses one account to increase and another to decrease within the same classification of the accounting equation, select Pre 1o Next> 234 5 67 89 0Explanation / Answer
Transaction
Assets
=
Liabilities
+
Owners equity
1-
-
=
+
-
2-
+
=
+
+
3-
=
+
4-
-
=
+
-
5-
-
=
-
+
6-
+
=
+
+
7-
+
=
+
+
8-
=
+
9-
=
+
10-
+
=
+
+
Blank cells indicates no effect
Transaction
Assets
=
Liabilities
+
Owners equity
1-
-
=
+
-
2-
+
=
+
+
3-
=
+
4-
-
=
+
-
5-
-
=
-
+
6-
+
=
+
+
7-
+
=
+
+
8-
=
+
9-
=
+
10-
+
=
+
+
Blank cells indicates no effect
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