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please answer all these Sunland Company has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders'
please answer all these
Sunland Company has the following transactions during August of the current year. Indicate (a) the effect on the assets, liabilities, stockholders' equtity, revenue, or expenses and (b) the debit-credit analysis. Aug. 1 4 Opens an office as a financial advisor, investing $5,800 in cash in exchange for common stock. Pays insurance in advance for 6 months, $1,960 cash. Receives $1,200 from clients for services performed. Pays secretary $1,490 salary. 16 27 (a) Effect on Assets, Liabilities, Stockholders' Equtity, Revenue, or Expenses (b) Debit-Credit Analysis X Aug. 1 Increased Increase Assets The asset is Debits X X the stockholders' equity account is Debit X Credits X Credit X X x Aug. 4 II The asset Debits X X the asset is Debit the asset Debit X Credits X Credit X Aug. 16 The asset is Debits X X the revenue is Debit X Credits X i i i Credit * x x X Aug. 27 The expense is Debits X X the asset is Debit X Credits CreditStep by Step Solution
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