Question
May 2Purchased computers for $20,000 from Digital Equipment on account. 5Paid $4,000 cash for May rent on storage space. 7Received $17,000 cash from customers for
May 2Purchased computers for $20,000 from Digital Equipment on account. 5Paid $4,000 cash for May rent on storage space. 7Received $17,000 cash from customers for services performed in May 11Performed computer services, on account, for Viking Construction Company for $4,000. 15Paid Tri-State Power Co. $11,000 cash for energy usage in May. 21Falske invested an additional $29,000 in the business. 25Paid Digital Equipment for the computers purchased in (1) above. 30Incurred advertising expense for May of $1,200 on account. 31Withdrew $1,000 for personal use Instructions Indicate with the appropriate letter whether each of the transactions above results in: aAn increase in assets and a decrease in assets. bAn increase in assets and an increase in owners equity. cAn increase in assets and an increase in liabilities. dA decrease in assets and a decrease in owners equity. eA decrease in assets and a decrease in liabilities. fAn increase in liabilities and a decrease in owners equity. gAn increase in owners equity and a decrease in liabilities. - Analyze transactions and compute net income.
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