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The following selected transactions were completed by Delivery Service during July: Received cash from owner ns additional investment, exist35,000. Purchased supplies for cash, exist1, 100.
The following selected transactions were completed by Delivery Service during July: Received cash from owner ns additional investment, exist35,000. Purchased supplies for cash, exist1, 100. Paid rent for October, exist4, 500. Paid advertising expense, exist900. Received cash for providing delivery services, exist33,000. Billed customers for delivery services on account, exist58,000. Paid creditors on account, exist2, 900. Received cash from customers on account, exist27, 500. Determined that the cost of supplies on hand was exist300 and exist8, 600 of supplies had been used during the month. Paid cash to owner for personal use, exist2, 500. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a column, and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset, increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity
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