Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

asap asap please Star Inc recorded the following transactions occured during the month of October Indicate whether each transaction would cause an increase (+), decrease

asap
image text in transcribed
asap please
image text in transcribed
Star Inc recorded the following transactions occured during the month of October Indicate whether each transaction would cause an increase (+), decrease (-), or has no effect (NE) on each of the components of th 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 different account, soc() a) Joseph Sher (a sharvheder), received share capital in Star Inc after investing $40 000 cash into the bu b) Office salanes for the month were paid today, $6.250 c) Star Inc will pay this month's unites bill of $400 received today within 30 days d) $1,000 of fumtum purchased on credi an eark transaction was found to be damaged ola bic returned to the suppler e) Star Inc paid $250 for this morts utiles bill received today Star inc purchased equipment for $46,500, bomowing the amount from the bank through a short termote payatin g) Provided consulting services to a customer and collected 5600 to Star Inc collected $1.300 for commissions eamed today Joseph Stier (a shareholder), received share capital in Star ine, after vesting $20.000 cash and $5,000 worth of supplies in Star inc $500 of supples purchased on credit in an earler transaction were found to be defective. They were returned k) Joseph Ster (a shareholder), received share capta in Star inc aber investing 25.000 cash and $45,000 worth of equipment in Star Inc Joseph Staler (a shareholder), receved share capital in Star Inc after anvesting $05.000 af upples reithe business mo Joseph Stiles, a shareholder of Star inc., received share capital after having transferred to the bupressa bulding worth $44.000 and the 50 000 remaining balance of the related short-team note payable n) Star inc pad $1,100 towards the bill from an earlier transaction e) Star inc pad 5000 for supplies purchased today a) Joseph Stiller (a shareholder), received share capital in Star Inc., after investing $40,000 cash into the business. b) Office salaries for the month were paid today, $6,250. c) Star Inc. will pay this month's utilities bill of $400 received today, within 30 days. d) $1,800 of furniture purchased on credit in an earlier transaction was found to be damaged. Star Inc. returned it to the supplier e) Star Inc. paid $250 for this month's utilities bill received today. 1) Star Inc. purchased equipment for $46,500, borrowing this amount from the bank through a short-term note payable g) Provided consulting services to a customer and collected $600 h) Star Inc collected $1,300 for commissions earned today ) Joseph Stiller (a shareholder), received share capital in Star Inc., after investing $20,000 cash and $5,000 worth of supplies in Star Inc ) $500 of supplies purchased on credit in an earlier transaction were found to be defective. They were returned. k) Joseph Stiller (a shareholder), received share capital in Star Inc, after investing $25,000 cash and $45,000 worth of equipment in Star Inc 1) Joseph Stiller (a shareholder), received share capital in Star Inc., after investing $65,000 of supplies into the business m) Joseph Stiller, a shareholder of Star Inc, received share capital after having transferred to the business a building worth $44,000 and the $6,000 remaining balance of the related short-term note payable n) Star Inc paid $1,100 towards the bill from an earlier transaction. o) Star Inc paid $600 for supplies purchased today A LE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions