Activity No. 04 - Transaction Effects on the Basic Accounting ModelInstruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner'sequity (OE) increased (+), decreased (-) or did not change (0) by placing the appropriate sign inthe appropriate column. The first one is done for you.ItemBought equipment, paying cash.TransactionAOEPaid the monthly rent expense.32Purchased supplies on credit.4Made an additional investment in theentity.5Charged customers for services providedon account.6Paid creditor on account.7Received payment from customers onJaccount.Received cash for services rendered today.Permanently reduced his investment in thebusiness by taking out cash.10Paid salaries for the week.11Acquired equipment, paying 50% down,the balance due in 30 days.

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Description: Activity No. 04 - Transaction Effects on the Basic Accounting ModelInstruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner'sequity (OE) increased (+), decreased (-) or did not change (0) by placing the appropriat

Accounting equation says that total assets should always be equals to total liabilities and…

Business

Accounting

Activity No. 04 - Transaction Effects on the Basic Accounting Model Instruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE) increased (+), decreased (-) or did not change (0) by placing the appropriate sign in the appropriate column. The first one is done for you. Item Bought equipment, paying cash. Transaction A L OE Paid the monthly rent expense. Purchased supplies on credit. 4 Made an additional investment in the entity. 5 Charged customers for services provided on account. Paid creditor on account. 7 6 Received payment from customers on account. Received cash for services rendered today. Permanently reduced his investment in the business by taking out cash. 10 Paid salaries for the week. 11 Acquired equipment, paying 50% down, the balance due in 30 days.

Activity No. 04 - Transaction Effects on the Basic Accounting Model Instruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equity (OE) increased (+), decreased (-) or did not change (0) by placing the appropriate sign in the appropriate column. The first one is done for you. Item Bought equipment, paying cash. Transaction A L OE Paid the monthly rent expense. Purchased supplies on credit. 4 Made an additional investment in the entity. 5 Charged customers for services provided on account. Paid creditor on account. 7 6 Received payment from customers on account. Received cash for services rendered today. Permanently reduced his investment in the business by taking out cash. 10 Paid salaries for the week. 11 Acquired equipment, paying 50% down, the balance due in 30 days.

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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