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LU Chapter 3 Lab [Question 12} - Lyryx Learning Inc Google Chrome l: |ifa1.|yry)r.oomfstude ntservl ets/La bServIet?ccid =1093? Dylex Corporation recorded the following transactions during May, as well as some items requiring adjusting transactions at monthend. Indicate whether each transaction or adjusting entry would cause an increase ( + ) , decrease ( j , or has no effect (NE) on each of the components of the accounting equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a dilferent account, select ( +r ]. a) May 20: Collected $2,400 regarding a credit customer's account. b) At monthend: $500 of the insurance policy purchased in advance has expired. c} May 19: Used $110 of the ofce supplies purchased last month. d) May 16: Kelly Young (a shareholder), received share capital in Dylex Corporation, after investing $35,000 cash and $60,000 worth of equipment in Dylex Corporation. e) At monthend: The monthly depreciation on the equipment is $100. 0At monthend: A review of the $30,000 unadjusted balance in the supplies account shows a balance on hand at the end of the month of $29,350. 9) May 23: Kelly Young, a shareholder of Dylex Corporation, received share capital after investing furniture worth $9,000 and a building worth $53,000 into the business. h) May 20: Dylex Corporation purchased a $30,250 truck by borrowing the amount from the bank through a shortterm note payable. i) May 25: Furniture was rented by a customer for $600 cash. D May 1: Dylex Corporation paid this month's $400 utilities bill received today. k} May 12: Kelly Young (a shareholder), received share capital in Dylex Corporation, after investing equipment and supplies into the business worth $15,000 and $5,000, respectively. I) May 25: $4,300 in dividends were declared and paid to the shareholders of the business. m} May 13: Dylex Corporation collected $2,600 for a building to be rented in two months. n) At monthend: $8,000 of the rent paid in advance has been used. 0) May 1: Dylex Corporation interviewed and hired a new employee who will begin working next month and get paid $750 per month