Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Analyzing the Effect of Transactions on the Balance Sheet Following the example in a
Analyzing the Effect of Transactions on the Balance Sheet
Following the example in a. below, indicate the effects of transactions b. through i. on assets, liabilities, and equity, including identifying the individual accounts affected.
a. Paid cash to acquire a computer for use in office.
ANSWER: Increase assets (Office Equipment)
Decrease assets(Cash)
b. Rendered services and billed client.
c. Paid cash to cover rent for this period.
d. Rendered services to the client for cash.
e. Received amount due from the client in b.
f. Purchased an office desk on account.
g. Paid cash to cover this period's employee salaries.
h. Paid cash to cover desk purchased in f.
i. Declared and paid a cash dividend.
Already member? Sign In
