Exercise 1 Use debits and credits to analyze the following transactions and indicate which accounts are affected and where they increase. A security company bought cash office supplies for $1,000. The security company bought a safe on credit for $2,000. The owner of the security company invested $25,000 in cash. During the first month of security company operations, $11,000 in salary was paid to security guards. A customer paid for a $26,000 security service in cash. During the first month, $400 was paid for electric light service.

Exercise 1 Use debits and credits to analyze the following transactions and indicate which accounts are affected and where they increase. A security company bought cash office supplies for $1,000. The security company bought a safe on credit for $2,000. The owner of the security company invested $25,000 in cash. During the first month of security company operations, $11,000 in salary was paid to security guards. A customer paid for a $26,000 security service in cash. During the first month, $400 was paid for electric light service.

Name: Exercise 1Use debits and credits to analyze the following transaction
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Description: Exercise 1Use debits and credits to analyze the following transactions and indicate which accountsare affected and where they increase.A security company bought cash office supplies for $1,000.The security company bought a safe on credit for $2,000.

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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