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Describe the effect of each transaction on assets, liabilities, and stockholders' equity. Purchased computers for $ 2 0 , 0 0 0 from Data Equipment
Describe the effect of each transaction on assets, liabilities, and stockholders' equity.
Purchased computers for $ from Data Equipment on account.
Paid $ cash for May rent on storage space.
Received $ cash from customers for contracts billed in April.
Performed computer services for Ryan Construction Company for $ cash.
Paid Midland Power Co $ cash for energy usage in May.
Stockholders invested an additional $ in the business.
Paid Data Equipment for the computers purchased in above.
Incurred advertising expense for May of $ on account.
Indicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement.
a Notes payable
b Advertising expense
c Common stock
d Cash
e Service revenue
f Dividends
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