Check my work Exercise 2-4A Analyze the impact of transactions on the accounting equation (LO2-2) Boilermaker House Painting Company incurs the following transactions for September Required: For each transaction, describe the dual effect on the accounting equation. For example, for the first transaction, (1) assets increase and (2) stockholders' equity increases. Transactions 1 Paint houses in the current month for $15,000 on account 2 Purchase painting equipment for 516,000 cash 3 Purchase office supplies on account for $2,500 4 Pay employee salaries of $3,200 for the current month 5 Purchase advertising to appear in the current month. 51.200 6. Pay office rent of $4,400 for the current month 7 Receive 510.000 from customers in (1) above 8 Receive cash of $5.000 in advance from a customer who plans to have his house painted in the following month Dual Effect Assets increase and stockholders' equity increases Exercise 2-6A Indicate the debit or credit balance of accounts (LO2-3) Below is a list of common accounts. Required: Indicate whether the normal balance of each account is a debit or a credit. Accounts 1. Cash 2. Service revenue 3. Salaries expense 4. Accounts payable 5. Equipment 6. Retained earnings 7. Utilities expense 8. Accounts receivable 9. Dividends 10. Common stock Debit or Credit ces CXVILIDE 40M RECUIUS (LU) Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23,400. 2. Provide services to customers and receive cash of $6,800. 3. Pay the current month's rent of $1,300. 4. Purchase office supplies on account for $1,000. 5. Pay employee salaries of $2,100 for the current month. Required: Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable, Service Revenue, Rent Expense, and Salaries Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 5 Check my worke View transaction list Journal entry worksheet < 2 3 4 5 Purchase equipment in exchange for cash of $23,400. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Prev 12 of 23 Next >