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Please do all, I guessed for many the table must be filled in according to the accounting equation Frent Attempt In Progress For each of
Please do all, I guessed for many
the table must be filled in according to the accounting equation
Frent Attempt In Progress For each of the following transactions, select the account and its effect on the basic accounting equation (Assets = Liabilities + Shareholders' Equity) (If no entry is equired select No Entry for the account. For the effect, select "+" for increase, "-"for Decrease and "NE" for No effect): - Liabilities + Shareholder's equity NE No Entry Common Shares NE No Entry Retained Earnings NE No Entry Retained Earnings NE No Entry Retained Earnings NE No Entry Retained Earnings NE No Entry Retained Earnings NE No Entry Bank Loan Payable NE No Entry NE No Entry Retained Earnings Accounts Payable NE No Entry Accounts Payable NEM No Entry NE No Entry Retained Earnings NE No Entry NE No Entry ENG 5:39 PM For each of the following transactions, select the account and its effect on the basic accounting equation (Assets - Liabilities + Shareholders' Equity) (If no entry is required select No Entry for the account. For the effect, select "+"for increase, "-"for Decrease and "NE" for No effect): Transaction Assets = Liabilities a. Issuance of shares for cash Cash NE No E b. Purchase of land for cash Cash NE No E Land NE No E C. Sale of services to a customer on credit Accounts Receivable NE No E d. Receipt of cash from customers as payments on their accounts Cash NE No E Accounts Receivable NE No E e. Payment of cash to shareholders as a distribution of earnings Cash NE No E f. Receipt of a loan from a bank Cash Bank g. Payment of interest on the bank loan Cash NE No E h. Purchase of inventory on credit Inventory Acco i. Payment of an account payable Cash Acco j. Payment to a courier company for delivering goods to a customer Cash NE No E k. Payment of an insurance premium to cover the following year NE No Entry NE No E 1. Depreciation of equipment
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