Homework Answers
Answer:
| Transaction | Explanation |
| a | It explains the introduction of the capital by the owner in cash - therefore, there is an increase in cash and on the other side of the accounting equation there is an increase in the capital. |
| b | This transaction explains the purchase or construction of a building using cash of $26,000. |
| c | In this case, there is an increase in equipment's balance and accounts payable on the other hand - it means the owner bought equipment of $8,000 on a credit from a supplier. |
| d | There is an increase in cash and increase in equity, also there is an assumption given in the endnote that only transaction "a" is for capital introduction or withdrawal- it means this transaction is for sale made in cash |
| e | This is the transaction for sales of goods made on credit to customers |
| f | This is a payment of $2000 to the creditor in cash |
| g | This is a receipt of $1000 from the debtor in cash |
| h | This a purchase of goods for $600 in cash. |
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