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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...
Related questions
Topic Video
Question
![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
OE
Paid the monthly rent expense.
3
2
Purchased supplies on credit.
4
Made an additional investment in the
entity.
5
Charged customers for services provided
on account.
6
Paid creditor on account.
7
Received payment from customers on
Jaccount.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F021ff4d9-db41-463e-8c0d-48277c0c73e7%2F1d129ad6-7900-42a7-8b60-96304e6bdda9%2F98v677d_processed.png&w=3840&q=75)
Transcribed Image Text: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
OE
Paid the monthly rent expense.
3
2
Purchased supplies on credit.
4
Made an additional investment in the
entity.
5
Charged customers for services provided
on account.
6
Paid creditor on account.
7
Received payment from customers on
Jaccount.
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College