OBJ. 4 EE 1-2 Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: 1. Received cash from owner as additional investment, $65,200. 2. Billed customers for delivery services on account, $22,400. 3. Paid creditors on account, $4,100. 4. Received cash from customers on account, $14,700. 5. Paid cash to owner for personal use, $1,600. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, and Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $65,200; Owner's Equity (Terry Young, Capital) increases by $65,200.

OBJ. 4 EE 1-2 Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: 1. Received cash from owner as additional investment, $65,200. 2. Billed customers for delivery services on account, $22,400. 3. Paid creditors on account, $4,100. 4. Received cash from customers on account, $14,700. 5. Paid cash to owner for personal use, $1,600. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, and Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $65,200; Owner's Equity (Terry Young, Capital) increases by $65,200.

Name: OBJ. 4EE 1-2 Peachtree Delivery Service is owned and operated by Terr
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Description: OBJ. 4EE 1-2 Peachtree Delivery Service is owned and operated by Terry Young. The following selectedtransactions were completed by Peachtree Delivery Service during February:1. Received cash from owner as additional investment, $65,200.2. Billed cus

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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i.2
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Record each transaction in a journal entry. Explanations are not required.