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2. (AE 13.1) Complete the table below by indicating 'no effect', 'increase' or 'decrease' for each transaction. Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Description $1,000 cash purchase of inventory $1,500 credit purchase of inventory $20,000 loan obtained from bank Collect $500 accounts receivable Paid $800 accounts payable Purchased $20,000 of equipment on 30-day note payable Purchased $50,000 truck with 60- day note payable Transaction 7 Transaction 8 Payment of bank loan Transaction 9 Provision of services for cash Transaction 10 Provision of services on credit Effect on current assets ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on current liabilities ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on working capital ????? ????? ????? ????? ????? ????? ????? ????? ????? ?????

2. (AE 13.1) Complete the table below by indicating 'no effect', 'increase' or 'decrease' for each transaction. Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Description $1,000 cash purchase of inventory $1,500 credit purchase of inventory $20,000 loan obtained from bank Collect $500 accounts receivable Paid $800 accounts payable Purchased $20,000 of equipment on 30-day note payable Purchased $50,000 truck with 60- day note payable Transaction 7 Transaction 8 Payment of bank loan Transaction 9 Provision of services for cash Transaction 10 Provision of services on credit Effect on current assets ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on current liabilities ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on working capital ????? ????? ????? ????? ????? ????? ????? ????? ????? ?????

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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2. (AE 13.1) Complete the table below by indicating 'no effect', 'increase' or 'decrease' for each transaction. Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 inventory $20,000 loan obtained from bank Collect $500 accounts receivable Paid $800 accounts payable Purchased $20,000 of equipment on 30-day note payable Purchased $50,000 truck with 60- day note payable Payment of bank loan Provision of services for cash Transaction 10 Provision of services on credit Transaction 6 Description Transaction 7 Transaction 8 Transaction 9 $1,000 cash purchase of inventory $1,500 credit purchase of Effect on current assets ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on current liabilities ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on working capital ????? ????? ????? ????? ????? ????? ????? ????? ????? ?????
Transcribed Image Text:2. (AE 13.1) Complete the table below by indicating 'no effect', 'increase' or 'decrease' for each transaction. Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 inventory $20,000 loan obtained from bank Collect $500 accounts receivable Paid $800 accounts payable Purchased $20,000 of equipment on 30-day note payable Purchased $50,000 truck with 60- day note payable Payment of bank loan Provision of services for cash Transaction 10 Provision of services on credit Transaction 6 Description Transaction 7 Transaction 8 Transaction 9 $1,000 cash purchase of inventory $1,500 credit purchase of Effect on current assets ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on current liabilities ????? ????? ????? ????? ????? ????? ????? ????? ????? ????? Effect on working capital ????? ????? ????? ????? ????? ????? ????? ????? ????? ?????
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