Direction: Indicate whether it is an increase, decrease, or no effect on the asset, liabilities, and equity accounts. Transaction Asset Liabilities Equity S. Paid utility expense in cash Decrease No effect Decrease 1. Investment of cash in the business 2. Purchase of computer equipment for cash 3. Billed a customer for services rendered 4. Received a loan granted by bank 5. Purchased office supplies on credit 6. Paid advertising expense 7. Paid rent in advance for 3 months 8. Received cash from customers on account 9. Withdrew cash for personal use 10. Invested land into the company
Direction: Indicate whether it is an increase, decrease, or no effect on the asset, liabilities, and equity accounts. Transaction Asset Liabilities Equity S. Paid utility expense in cash Decrease No effect Decrease 1. Investment of cash in the business 2. Purchase of computer equipment for cash 3. Billed a customer for services rendered 4. Received a loan granted by bank 5. Purchased office supplies on credit 6. Paid advertising expense 7. Paid rent in advance for 3 months 8. Received cash from customers on account 9. Withdrew cash for personal use 10. Invested land into the company
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
B. Direction: Indicate whether it is an increase, decrease, or no effect on the asset, liabilities, and equity accounts.
Transaction Asset Liabilities Equity
S. Paid utility expense in cash Decrease No effect Decrease
1. Investment of cash in the business
2. Purchase of computer equipment for cash
3. Billed a customer for services rendered
4. Received a loan granted by bank
5. Purchased office supplies on credit
6. Paid advertising expense
7. Paid rent in advance for 3 months
8. Received cash from customers on account
9. Withdrew cash for personal use
10. Invested land into the company
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education