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Indicate the effects of the following business transactions on the accounting equation of Premiere Online Video store. Use the following accounts: Cash; Accounts Receivabie; Supplies;
Indicate the effects of the following business transactions on the accounting equation of Premiere Online Video store. Use the following accounts: Cash; Accounts Receivabie; Supplies; Office Furniture, Accounts Payable; Wolland, Capital; Wolland, Withdrawals; Rental Revenue; and Rent Expense. Transaction (a) is answered as a guide. View the transactions. a. Received cash of $10,000 from owner (Wolland) and gave capital. a. Increase asset (Gash) Increase equity (Wolland, Capital) b. Earned video rental revenue on account, $1,800, b. Increase equity (Rental Revenue) Increase asset (Accounts Receivable) c. Purchased office furniture on account, $400. c
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