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complete the table The following transactions occurred during a recent year. a. Paid wages of $1,150 for the current period. b. Borrowed $5,600 cash from
complete the table
The following transactions occurred during a recent year. a. Paid wages of $1,150 for the current period. b. Borrowed $5,600 cash from local bank. c. Purchased $2,300 of equipment on credit d. Earned $460 of sales revenue, collected cash. e Received $920 of utilities services, on credit. f Earned $1,880 of service revenue, on credit g. Paid $360 cash on account to a supplier. h. Incurred $100 of delivery expenses, paid cash. i Earned $520 of service revenue, collected half in cash, balance on credit. j. Collected $160 cash from customers on account k. Incurred $420 of advertising costs, paid half in cash, balance on credit. Required: For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of shareholders' equity, as shown for the first transaction, which is provided as an example. Transaction Assets Liabilities Stockholders' Equity . Cash (1.150) Wages expense (1,150) b C. d e f. g hStep by Step Solution
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