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Business
Accounting
10:06 AM Several transactions are listed. Use the choices to identify the effect on the accounting equation for each transaction listed. (Choices may be used more than once.) Issuing common stock to investors Assets and liabilities increase Borrowing cash from a bank Assets and contributed capital increase Purchasing a building for cash Assets and retained earnings increase Two asset accounts are Purchasing insurance for 1 impacted, but there is no net effect on total assets year Purchasing supplies on Assets and liabilities decrease credit Assets and retained Providing services for customers for cash earnings decrease Liabilities increase and Providing services for customers for credit retained earnings decrease Receiving cash from customers in advance for services to be provided Liabilities decrease and retained earnings increase next month Paying for a previous purchase on credit

10:06 AM Several transactions are listed. Use the choices to identify the effect on the accounting equation for each transaction listed. (Choices may be used more than once.) Issuing common stock to investors Assets and liabilities increase Borrowing cash from a bank Assets and contributed capital increase Purchasing a building for cash Assets and retained earnings increase Two asset accounts are Purchasing insurance for 1 impacted, but there is no net effect on total assets year Purchasing supplies on Assets and liabilities decrease credit Assets and retained Providing services for customers for cash earnings decrease Liabilities increase and Providing services for customers for credit retained earnings decrease Receiving cash from customers in advance for services to be provided Liabilities decrease and retained earnings increase next month Paying for a previous purchase on credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10:06 AM Several transactions are listed. Use the choices to identify the effect on the accounting equation for each transaction listed. (Choices may be used more than once.) Issuing common stock to investors Assets and liabilities increase Borrowing cash from a bank Assets and contributed capital increase Purchasing a building for cash Assets and retained earnings increase Two asset accounts are Purchasing insurance for 1 impacted, but there is no net effect on total assets year Purchasing supplies on Assets and liabilities decrease credit Assets and retained Providing services for customers for cash earnings decrease Liabilities increase and Providing services for customers for credit retained earnings decrease Receiving cash from customers in advance for services to be provided Liabilities decrease and retained earnings increase next month Paying for a previous purchase on credit
Transcribed Image Text:10:06 AM Several transactions are listed. Use the choices to identify the effect on the accounting equation for each transaction listed. (Choices may be used more than once.) Issuing common stock to investors Assets and liabilities increase Borrowing cash from a bank Assets and contributed capital increase Purchasing a building for cash Assets and retained earnings increase Two asset accounts are Purchasing insurance for 1 impacted, but there is no net effect on total assets year Purchasing supplies on Assets and liabilities decrease credit Assets and retained Providing services for customers for cash earnings decrease Liabilities increase and Providing services for customers for credit retained earnings decrease Receiving cash from customers in advance for services to be provided Liabilities decrease and retained earnings increase next month Paying for a previous purchase on credit
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