Homework Answers
Effect of transaction on accounting equation is explained below in detail:
Working note:
6) Rent is paid out of revenue or profits, which is placed in retained earnings. So retained earnings is reduced.
7) performed services on account means cash which will be received in future. Which is deemed to be profits out of revenue and it was placed in retained earnings. Value of retained earnings is increased.
8) payment of salaries will reduce the value of retained earnings.
9) dividends are paid out of profits. So the value of retained earnings will be reduced.
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