Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from...
Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list:
- Increase in an asset, decrease in another asset.
- Increase in an asset, increase in a liability.
- Increase in an asset, increase in stockholders' equity.
- Decrease in an asset, decrease in a liability.
- Decrease in an asset, decrease in stockholders' equity.
1. Received cash in exchange for common stock,
$35,000.
2. Purchased supplies for cash,
$1,100.
4. Paid advertising expense, $900.
5. Received cash for providing delivery
services, $33,000.
10. Paid cash dividends, $2,500.
Homework Answers
| 1 | C. Increase in an asset, increase in stockholders' equity. |
| 2 | a. Increase in an asset, decrease in another asset. |
| 4 | e. Decrease in an asset, decrease in stockholders' equity. |
| 5 | c. Increase in an asset, increase in stockholders' equity. |
| 10 | e. Decrease in an asset, decrease in stockholders' equity. |
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