To show your understanding of the effects of each of the named transactions on the assets,...
To show your understanding of the effects of each of the named transactions on the assets, liabilities, and stockholders' equity of a business, fill in the blank in each column with either + (for increase), - (for decrease), or 0 (for no change).
Assets Liabilities Stockholders' Equity
a. Stockholders invested cash in the business
b. Borrowed money from a bank
c. Purchased equipment on credit
d. Rendered services for cash
e. Paid creditor in (c)
f. Paid monthly rent
g. Rendered services for which the customer promised to pay at a later date.
Homework Answers
| Assets | liabilities | Equity | |||||||
| a | + | + | |||||||
| b | + | + | |||||||
| c | 0 | since cash will decrease | |||||||
| Equipment increase net effect nil | |||||||||
| d | + | + | |||||||
| e | - | - | |||||||
| f | - | - | |||||||
| g | + | + | |||||||
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