E2-11A. Transaction Analysis Match each of the following transactions of L. Boyd & Company with the ap- propriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. The correct answer for Transaction 1 is given as an illustration: Answer a, f 1. Stockholders contributed cash to the business. 2. Purchased equipment on account. 3 Received and immediately paid advertising bill. 4 Purchased supplies for cash. 5. Borrowed money from a bank, giving a note payable. 6. Billed customers for services rendered. 7. Made a partial payment on account for equipment. 8. Paid employee's salary. 9. Collected amounts due from customers billed in Transaction 6. Financial Effect of Transaction Debit an asset f. Credit common stock b. Credit an asset 8. Debit a revenue C. Debit a liability h. Credit a revenue d. Credit a liability i. Debit an expense e. Debit common stock j. Credit an expense 2-1A. Transaction Analysis The accounting equation of L. Lee & Company as of the beginning of the accounting period is given below, followed by seven transactions whose effects on the accounting equation are shown. Describe each transaction that occurred. Of the transactions affecting Retained Earnings, transaction (e) had no effect on net income for the period. Accounts Receivable + Supplies Accounts Notes Common Payable + Payable + Stock $800 + $2,500 + $2,000 Retained Earnings Cash + $700 = + $8,500 $9,000 -8,000 +400 +7,000 +7,000 Balance $4,100 + (a) +8,000 (b) -400 (c (d) -750 (e) -4,900 (0) -300 (9) +2,200 -750 -4,900 +300 +2,200