Exercise 8 entity. Indicated below are the effects of the transactions encountered by an Describe the transactions that transpired for each of the following items: Assets Liabilities Owner's Equity Owner's Owner's Office Prepaid Office Accounts Loans Capital 40,000 Drawing Cash 40,000 Supplies Rent Equipment Payable Payable 1. 2. 60,000 60,000 3. (30,000) 30,000 4. 8,000 8,000 5. (2,000) (2,000) 6. 25,000 25,000 7. (8,000) 8,000 8. (20,000) 20,000 9. (60,000) 60,000
Exercise 8 entity. Indicated below are the effects of the transactions encountered by an Describe the transactions that transpired for each of the following items: Assets Liabilities Owner's Equity Owner's Owner's Office Prepaid Office Accounts Loans Capital 40,000 Drawing Cash 40,000 Supplies Rent Equipment Payable Payable 1. 2. 60,000 60,000 3. (30,000) 30,000 4. 8,000 8,000 5. (2,000) (2,000) 6. 25,000 25,000 7. (8,000) 8,000 8. (20,000) 20,000 9. (60,000) 60,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Indicated below are the effects of the transactions encountered by an entity. Describe the transaction that transpired for each of the following items:
Transcribed Image Text:Exercise 8
105
Indicated below are the effects of the transactions encountered by an entity.
Describe the transactions that transpired for each of the following items:
Owner's Equity
Assets
Liabilities
Office
Prepaid
Owner's
Owner's
Office
Accounts
Loans
Capital
40,000
Cash
Supplies
Rent
Equipment
Payable
Payable
Drawing
1.
40,000
2.
60,000
60,000
3.
(30,000)
30,000
4.
8,000
8,000
5.
(2,000)
(2,000)
6.
25,000
25,000
7.
(8,000)
8,000
8.
(20,000)
20,000
9.
(60,000)
60,000
15
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