Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable. Use a (+) to denote an increase and a (-) to denote a decrease, if any. A = L+E Example: (+) Issued common stock for cash Purchased a truck for cash Received a bank loan to pay for equipment Purchased the equipment for cash Made a deposit for electricity service to be provided in the future Paid rent for the month just ended Signed a new union contract that provides for increased wages in the future Hired a messenger service to deliver letters during a mail strike Received a parcel; paid the delivery service Billed customers for services performed Made a cash payment to satisfy an outstanding obligation ion to Financial Accounting First US Edition Received a payment of cash in satisfaction of an amount owed by a customer Collected cash from a customer for services rendered the same day Paid cash for truck operating expenses (gas, oil, etc.) Made a monthly payment on the bank loan; this payment included a payment on part of the loan and also an amount of interest expense. (Hint: This transaction affects more than two parts of the accounting equation.) Issued stock in the company to pay off a loan Paid a dividend with cash.
Required: Using the appropriate accounting equation, study the following transactions and identify the effect of each on assets, liabilities and stockholders' equity, as applicable. Use a (+) to denote an increase and a (-) to denote a decrease, if any. A = L+E Example: (+) Issued common stock for cash Purchased a truck for cash Received a bank loan to pay for equipment Purchased the equipment for cash Made a deposit for electricity service to be provided in the future Paid rent for the month just ended Signed a new union contract that provides for increased wages in the future Hired a messenger service to deliver letters during a mail strike Received a parcel; paid the delivery service Billed customers for services performed Made a cash payment to satisfy an outstanding obligation ion to Financial Accounting First US Edition Received a payment of cash in satisfaction of an amount owed by a customer Collected cash from a customer for services rendered the same day Paid cash for truck operating expenses (gas, oil, etc.) Made a monthly payment on the bank loan; this payment included a payment on part of the loan and also an amount of interest expense. (Hint: This transaction affects more than two parts of the accounting equation.) Issued stock in the company to pay off a loan Paid a dividend with cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I don't understand the signed a new contract one
Transcribed Image Text:2:51
ACC111-Student Te...
(+)(-)
(-)
(-)
3.
4.
(-)
(-)
(+)
(-)
(+)(-)
5.
(-)
(+)
6.
7.
8.
9.
(+)(-)
Required: Using the appropriate accounting equation, study the
following transactions and identify the effect of each on
assets, liabilities and stockholders' equity, as applicable. Use
a (+) to denote an increase and a (-) to denote a decrease, if
any.
A = L+E
Example:
(+)
(+)
Issued common stock for cash
Purchased a truck for cash
Received a bank loan to pay for equipment
Purchased the equipment for cash
Made a deposit for electricity service to be provided in the
future
Paid rent for the month just ended
Signed a new union contract that provides for increased
wages in the future
Hired a messenger service to deliver letters during a mail
strike
Received a parcel; paid the delivery service
Billed customers for services performed
Made a cash payment to satisfy an outstanding obligation
troduction to Financial Accounting First US Edition
Received a payment of cash in satisfaction of an amount
owed by a customer
Collected cash from a customer for services rendered the
same day
Paid cash for truck operating expenses (gas, oil, etc.)
Made a monthly payment on the bank loan; this payment
included a payment on part of the loan and also an amount
of interest expense. (Hint: This transaction affects more than
two parts of the accounting equation.)
Issued stock in the company to pay off a loan
Paid a dividend with cash.
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