C- Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services rendered. 2. Purchased office equipment on credit 3. Paid employees' salaries. 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2. 7. Purchased office supplies on credit. 8. Owner withdrew cash for personal expenses. 9. Obtained a loan from the bank. 10. Billed customers for services rendered. || ||
C- Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services rendered. 2. Purchased office equipment on credit 3. Paid employees' salaries. 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month. 6. Paid for office equipment purchased in transaction 2. 7. Purchased office supplies on credit. 8. Owner withdrew cash for personal expenses. 9. Obtained a loan from the bank. 10. Billed customers for services rendered. || ||
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:C- Analyze the transactions of a business organized as a proprietorship described below and indicate
their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign
(-) to indicate a decrease.
Assets = Liabilities + Owner's Equity
1. Received cash for services rendered.
2. Purchased office equipment on credit
3. Paid employees' salaries.
4. Received cash from customer in payment
on account.
5. Paid telephone bill for the month.
6. Paid for office equipment purchased in
transaction 2.
7. Purchased office supplies on credit.
8. Owner withdrew cash for personal
expenses.
9. Obtained a loan from the bank.
10. Billed customers for services rendered.
|| ||
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