ACC 1100 Sample Midterm Exam QUESTION ONE For each of transactions 1 through 5 below, indicate the effect on the components of the accounting equation in the table below. If the transaction has no effect on a particular component, write clearly "NE" for "NO EFFECT." The first transaction is given as an example. Example: Issued common shares to investors for $50,000 in cash. 1. Performed services. Customer agreed to pay $1,200 next month. 2. Declared and paid a cash dividend of $3,000. 3. Purchased $300 of office supplies on account 4. Paid $500 for utilities for the current month. 5. Paid $600 on accounts payable. Current Non-Current Current Non-Current Common Assets Assets Liabilities Liabilities Share Example +50,000 NE NE +50,000 Retained Earnings NE NE +1.200 1. +1.200 11,200 -3000 -3,000 2