Question
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.
- +A and +L
- +A and +SE (Contributed Capital)
- +A and +SE (Retained Earnings)
- A and L
- A and SE (Contributed Capital)
- A and SE (Retained Earnings)
- +A and A
- Not communicated by the formal accounting system
Purchased computer for cash | |
| Received cash in exchange for the issue of a note payable |
[ | 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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