Indicate what impact (+ for increase; for decrease) the following transactions would have on the accounting
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Indicate what impact (+ for increase; – for decrease) the following transactions would have on the accounting equation, Assets = Liabilities + Equity.
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A. B. C. D. E. Transaction Paid balance due for accounts payable Charged clients for legal services provided Purchased supplies on account Collected legal service fees from clients for current month Issued stock in exchange for a note receivable Impact 1 Impact 2
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
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