Indicate the effect of each of the following transactions upon the total assets of a business by
Question:
Indicate the effect of each of the following transactions upon the total assets of a business by using one of the appropriate phrases as below:
a. Owner contributed a computer to the business.
b. Purchased a motor vehicle for cash.
c. Purchased a motor vehicle on credit.
d. Paid a creditor amount owing.
e. Received payment from a debtor.
f. Purchased land for \($100,000\) paying \($20,000\) deposit and arranging a mortgage for the balance.
g. Sold equipment for an amount of cash less than its cost.
h. Sold equipment for an amount of cash greater than its cost.
i. Received \($260\) from a debtor after allowing a \($40\) discount.
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Related Book For
Financial Accounting A Practical Introduction
ISBN: 9780273714293
1st Edition
Authors: Ilias Basioudis
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