Question

For each of the following transactions, select the account and its effect on the basic accounting equation (Assets = Liabilities + Shareholders' Equity) (If no entry is required select No Entry for the account. For the effect, select "+" for Increase, "-" for Decrease and "NE" for No effect): Assets Transaction a. Issuance of shares for cash b. Purchase of land for cash C. Sale of services to a customer on credit d. Receipt of cash from customers as payments on their accounts e. Payment of cash to shareholders as a distribution of earnings f. Receipt of a loan from a bank & Payment of interest on the bank loan h. Purchase of inventory on credit i. Payment of an account payable j. Payment to a courier company for delivering goods to a customer k. Payment of an insurance premium to cover the following year 1. Depreciation of equipment

plz fill in the form

Answer 1

	Assets	Liabilities	Equity
a	+ Cash		+ Common Stock
b	- Cash + Land
c	+ Accounts Receivable		+ Service Revenue
d	+ Cash - Accounts Receivable
e	- Cash		- Dividend
f	+ Cash	+ Notes Payable
g	- Cash		- Interest Expense
h	+ Inventory	+ Accounts Payable
i	- Cash	- Accounts Payable
j	- Cash		- Delivery Expense
k	- Cash + Prepaid Insurance
l	- Accumulated Depreciation		- Depreciation Expense

If you have any query, kindly comment with your query and please mark thumbs up.