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solve the following question. Velor Inc. recorded the following transactions occurred during the month of January Indicate whether each transaction would cause an increase (+),
solve the following question.
Velor Inc. recorded the following transactions occurred during the month of January Indicate whether each transaction would cause an increase (+), decrease (-), or has no effect (NE) on each of the components of the accounting equation If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a different account, select ( +/-). a) Velor Inc returned to the supplier $9,500 of equipment discovered to be defective. It was originally purchased A = L + E on account in an earlier transaction. b) Velor Inc. will pay this month's utilities bill of $400 received today, within 30 days. c) Provided consulting services to a customer and collected $800. d) Sandra Castell (a shareholder), received share capital in Velor Inc., after investing equipment and supplies into the business worth $70,000 and $25,000, respectively. e) Velor Inc. paid this month's $100 utilities bill received today. NE f) Sandra Castell (a shareholder), received share capital in Velor Inc., after investing $90,000 of equipment into the business g) Velor Inc. purchased trucks for $27,750, borrowing this amount from the bank through a short-term note payable h) A bill was received today for last week's $500 advertising campaign. It must be paid within 15 days. D) Velor Inc. purchased supplies by paying $700 cash. 1) Paid bi-weekly salaries of $26,500. k) $3,400 of supplies purchased on credit in an earlier transaction were found to be defective. They were returned D) Furniture was rented by a customer for $1,500 on credit. m) Sandra Castell (a shareholder), received share capital in Velor Inc., after investing $65,000 of supplies into the business NE n) Sandra Castell, a shareholder of Velor Inc., received share capital after investing furniture worth $11,000 and a building worth $67,000 into the business. +- o) Velor Inc. paid $1,000 for equipment purchased today. + NE NEStep by Step Solution
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