Exercise 2 Create a table in Excel, analyze the following transactions, and indicate the account that increases and the account that decreases, or whether both accounts decrease or both accounts increase. It also indicates how the accounting equation is affected. Cash is received for $80,000 in business investment. Rent for the month is paid for $2,200 in cash. Office supplies are purchased for $600.00 in cash. Office equipment is purchased on credit for $4,000. A customer is worked on credit for $2,500.

Exercise 2 Create a table in Excel, analyze the following transactions, and indicate the account that increases and the account that decreases, or whether both accounts decrease or both accounts increase. It also indicates how the accounting equation is affected. Cash is received for $80,000 in business investment. Rent for the month is paid for $2,200 in cash. Office supplies are purchased for $600.00 in cash. Office equipment is purchased on credit for $4,000. A customer is worked on credit for $2,500.

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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