Determining the effects of transactions on the accounting equation.
Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets = Liabilities + Owner’s Equity) by placing a “ +” to indicate an increase and a “−” to indicate a decrease. The first transaction is entered as an example.
| Assets | = | Liabilities | + | Owner’s Equity |
Transaction 1 | + |
| ______ |
| + |
TRANSACTIONS
1. Owner invested $60,000 in the business.
2. Purchased $24,000 supplies on account.
3. Purchased equipment for $19,000 cash.
4. Paid $3,000 for rent (in advance).
5. Performed services for $6,400 cash.
6. Paid $1,050 for utilities.
7. Performed services for $8,200 on account.
8. Received $3,300 from charge customers.
9. Paid salaries of $5,400 to employees.
10. Paid $4,000 to a creditor on account.
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