Six transactions follow. For each transaction, indicate if the transaction increases, decreases, or has no effect on
Question:
(a) Accounts receivable,
(b) Notes receivable,
(c) Total assets,
(d) Total liabilities, and
(e) Owner's equity. Use the following format, in which the first transaction is given as an example.
Transcribed Image Text:
Notes Owners Accounts Receivable Receivable Assets Liabilities Total Transaction: 1. Performed services on account for IncreaseNo effect Increase No effect Increase 2. A customer paid cash for services to be 3. Performed services for a customer in 4. Collected cash from the customer in 5. Extended a customers account for provided next month. exchange for a note. transaction 1. above. three months by accepting a note in exchange for it. 6. Performed services for a customer who had paid in advance.
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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