Question

Starbucks Cor... OneLogin Course Schedu... Cengage eBook Show Me How Calculator Print Item Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Bridgeport Delivery Service during February: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $40,000; Owner's Equity (Jerome Foley, Capital) increases by $40,000, Element Item Direction 1. Received cash from owner as additional investment, $40,000. Cash Increases Owner's Equity Jerome Foley, Capital Increases 2. Billed customers for delivery services on account, $13,750. dropdown 3. Paid creditors on account, $2,500. 4. Received cash from customers on account, $9,000. 5. Paid cash to owner for personal use, $1,000. Check My Work 2 more Check My Work uses remaining. Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading

Answer 1

Element Item Direction Received cash from owner as additional investment, $40,000 Cash Asset Increases Owner's Equity Jerome Foley, Capital Increases Billed customers for delivery services on account, $13,750 Assets Accounts Receivable Increases Owner's Equity Delivery Service Increases Paid creditors on account, $2,500 Cash Assets Decreases Liabilities Accounts Payable Decreases Received cash from customers on account, $9,000 Assets Cash Increases Accounts Receivable Assets Decreases Paid cash to owner for personal use, $1,000 Cash Assets Decreases Owner's Equity Jerome Foley, Drawing Increases