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Question One: (20 points) Here are some typical transactions of Myers Insect Control Service. For each transaction, indicate the increase (+) or the decrease (-)
Question One: (20 points) Here are some typical transactions of Myers Insect Control Service. For each transaction, indicate the increase (+) or the decrease (-) in Assets (A), Liabilities (L), Owner's Equity (OE), Revenue (R), or Expenses (E) by placing the appropriate sign(s) in the appropriate column(s). (10 points) The first transaction is given as an example. 0. Example: payment of rent AL Capital RE 1. Purchase of machines on account 2. Provision of services for cash 3. Investment of cash in business 4. Payment in advance for insurance policy for two years 5. Payment of wages for cash 6. Provision of services on account 7. Withdrawal of cash by owner 8. Purchase of cleaning supplies on account 9. Collection of cash from a customer previously billed 10. Payment of cash made to a creditor A L Capital R E 1 2 3 4 5 6 7 00 9 10 Page 2 of 7
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