Presented below are a number of economic events. Prepare a tabular analysis of the eff ects of the above transactions
on the expanded accounting equation.
1. Purchased supplies on account, $250.
2. Provided a service on account, $500.
3. Paid salaries expense, $300.
4. Issued common shares in exchange for cash, $5,000.
5. Paid a cash dividend to shareholders, $400.
6. Received cash from a customer who had previously been billed for services provided, $500 (see item 2).
7. Paid account owed to supplier, $250 (see item 1).
8. Paid for insurance in advance, $100.
9. Received cash in advance from a customer for services to be performed in the future, $300.
10. Performed the service that the customer previously paid for (see item 9).