Transaction Analysis} Four transactions are listed below. a. Sold goods to customers on credit b. Collected amounts

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Transaction Analysis}

Four transactions are listed below.

a. Sold goods to customers on credit

b. Collected amounts due from customers

c. Purchased supplies on account

d. Used supplies in operations of the business

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Prepare three columns labelled assets, liabilities, and shareholders' equity. For each of the transactions, indicate whether the transaction increased \((+)\), decreased \((-)\), or had no effect (NE) on assets, liabilities, and shareholders' equity.
\section*{OBJECTIVE 33}
\section*{CORNERSTONE 2.2}
OBJECTIVE 3 (4) CORNERSTONE 2.2 \section*{Cornerstone Exercise

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Related Book For  book-img-for-question

Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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