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The given transactions were completed by Juliet's Delivery Services during May 2019. Indicate the effects of each transaction by placing the appropriate letter in the
The given transactions were completed by Juliet's Delivery Services during May 2019. Indicate the effects of each transaction by placing the appropriate letter in the space provided.
Letter | Result |
A | Increase in asset, decrease in another asset |
B | Increase in asset, increase in liability |
C | Increase in asset, increase in owner's equity |
D | Decrease in asset, decrease in liability |
E | Decrease in asset, decrease in owner's equity |
Response | Transaction |
Received cash for providing delivery services. | |
Paid amount owing that was outstanding to a creditor. | |
Owner invested additional cash in the business. | |
Paid advertising expense with cash. | |
Billed customers for delivery services on account. | |
Purchased office furniture on account. | |
Paid rent for the month. | |
Received cash from customers on account. | |
Received cash in advance for services to be provided in the next month. | |
Owner withdrew cash for personal use. |
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