Question
Indicate the effects of the following business transactions on the accounting equation of 's Online Video store. Use the following accounts: Cash; Accounts Receivable; Office
Indicate the effects of the following business transactions on the accounting equation of 's Online Video store. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Office Furniture, Accounts Payable; , Capital; , Withdrawals; Rental Revenue; and Rent Expense. Transaction (a) is answered as a guide.
a. Received cash of $10,000 from owner and gave capital.
b. Earned video rental revenue on account, $2,800.
c. Purchased office furniture on account, $300.
d. Received cash on account, $400.
e. Paid cash on account, $100.
f. Rented videos and received cash of $200.
g. Paid monthly office rent of $1,000.
h. Paid $100 cash to purchase office supplies.
Received cash of
$10,000
from owner and gave capital.
a. | Increase asset | (Cash) | ; | Increase equity | (Vivian, Capital) |
b. Earned video rental revenue on account,
$2,800.
b. | ? | ? | ; | ? | ? |
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