Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets (A), liabilities (L), and owner's equity (OE) by inserting "+" for increase, "-" for decrease, and "NE" for no effect in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. OE Received cash from owner as an (a) additional investment (b) Purchased supplies on account (c) Paid rent for the current month (d) Received cash for services sold to customers Returned some defective supplies (e) purchased in (b) (f) Paid insurance premiums in advance (g) Paid cash to creditor for purchases in (b) (h) Charged customers for services sold on account Paid cash to a customer as a refund for (i) an overcharge Received cash on account from customers (j) (k) Owner withdrew cash for personal use Recorded the cost of supplies used during (1) the year (m) Received invoice for electricity used (n) Paid wages (0) Purchased a truck for cash
Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets (A), liabilities (L), and owner's equity (OE) by inserting "+" for increase, "-" for decrease, and "NE" for no effect in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. OE Received cash from owner as an (a) additional investment (b) Purchased supplies on account (c) Paid rent for the current month (d) Received cash for services sold to customers Returned some defective supplies (e) purchased in (b) (f) Paid insurance premiums in advance (g) Paid cash to creditor for purchases in (b) (h) Charged customers for services sold on account Paid cash to a customer as a refund for (i) an overcharge Received cash on account from customers (j) (k) Owner withdrew cash for personal use Recorded the cost of supplies used during (1) the year (m) Received invoice for electricity used (n) Paid wages (0) Purchased a truck for cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets (A), liabilities (L), and owner's equity (OE) by
inserting "+" for increase, "-" for decrease, and "NE" for no effect in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column.
OE
Received cash from owner as an
(a)
additional investment
(b)
Purchased supplies on account
(c)
Paid rent for the current month
(d)
Received cash for services sold to
customers
Returned some defective supplies
(e)
purchased in (b)
(f)
Paid insurance premiums in advance
(g)
Paid cash to creditor for purchases in (b)
(h)
Charged customers for services sold on
account
Paid cash to a customer as a refund for
(i)
an overcharge
Received cash on account from customers
(j)
(k)
Owner withdrew cash for personal use
Recorded the cost of supplies used during
(1)
the year
Transcribed Image Text:(m)
Received invoice for electricity used
(n)
Paid wages
(0)
Purchased a truck for cash
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