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For each transaction number 1 through 12 below, identify its effect on the accounting equation by selecting from 1 through 8 below. Only provide one

For each transaction number 1 through 12 below, identify its effect on the accounting equation by selecting from 1 through 8 below. Only provide one answer for number 1 through 12 below.

  1. +A and +L
  2. +A and +SE (Contributed Capital)
  3. +A and +SE (Retained Earnings)
  4. A and L
  5. A and SE (Contributed Capital)
  6. A and SE (Retained Earnings)
  7. +A and A
  8. Not communicated by the formal accounting system

Purchased computer for cash

Received cash in exchange for the issue of a note payable

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Purchased building and land in exchange for a mortgage note payable

Received cash in exchange for the issuance of common stock

Purchased computer supplies on account

Provided computer services to customers for cash

Paid an account payable

Provided computer services to customers on account

Used computer supplies in the regular operations of the business (acquired during a previous accounting period)

Recognize the depreciation expense of the companys computer

Secured a large contract with Allegheny Company to provide computer services during the forthcoming year

Declared and paid dividends to the owners of capital stock

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