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Obj. 4 The following selected transactions were completed by Silverado Delivery Service during February: 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash. $750. 3. Paid rent for February, $3.000. 4. Paid advertising expense, $1,500. 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500. 7. Paid creditors on account, $1.400. 8. Received cash from customers on account, $23,770. 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. 10. Paid cash to owner for personal use, $5,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions. (1) through (10), in a column and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset. increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity.

Obj. 4 The following selected transactions were completed by Silverado Delivery Service during February: 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash. $750. 3. Paid rent for February, $3.000. 4. Paid advertising expense, $1,500. 5. Received cash for providing delivery services, $16,800. 6. Billed customers for delivery services on account, $32,500. 7. Paid creditors on account, $1.400. 8. Received cash from customers on account, $23,770. 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. 10. Paid cash to owner for personal use, $5,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions. (1) through (10), in a column and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset, decrease in another asset. b. Increase in an asset, increase in a liability. c. Increase in an asset. increase in owner's equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in owner's equity.

FINANCIAL ACCOUNTING
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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Paragraph EX 1-12 Transactions Styles Obj. 4 The following selected transactions were completed by Silverado Delivery Service during February: 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750. 3. Paid rent for February, $3.000. 4. Paid advertising expense, $1.500. 5. Received cash for providing delivery services. $16.800. 6. Billed customers for delivery services on account. $32.500. 7. Paid creditors on account. $1.400. 8. Received cash from customers on account. $23,770. 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. 10. Paid cash to owner for personal use. 55,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions. (1) through (10). In a column and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset. decrease in another asset. b. Increase in an asset. 1ncrease in a lability c.Increase in an asset. increase in owner's equity d Decrease in an asset. decrease i2 a liabilty e Decrease Inan asset decease in.ownes equity
Transcribed Image Text:Paragraph EX 1-12 Transactions Styles Obj. 4 The following selected transactions were completed by Silverado Delivery Service during February: 1. Received cash from owner as additional investment, $25,000. 2. Purchased supplies for cash, $750. 3. Paid rent for February, $3.000. 4. Paid advertising expense, $1.500. 5. Received cash for providing delivery services. $16.800. 6. Billed customers for delivery services on account. $32.500. 7. Paid creditors on account. $1.400. 8. Received cash from customers on account. $23,770. 9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month. 10. Paid cash to owner for personal use. 55,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions. (1) through (10). In a column and inserting at the right of each number the appropriate letter from the following list: a. Increase in an asset. decrease in another asset. b. Increase in an asset. 1ncrease in a lability c.Increase in an asset. increase in owner's equity d Decrease in an asset. decrease i2 a liabilty e Decrease Inan asset decease in.ownes equity
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