Selected transactions for Fateem Care Company are listed below. Made cash investment to start business. Paid monthly rent. Purchased equipment on account. Billed customers for services performed. Withdrew cash for owner’s personal use. Received cash from customers billed in (4). Incurred advertising expense on account. Instructions: List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and owner’s equity. For example, the first answer is: (1) Increase in assets and increase in owner’s equity. 6- Yousuf Industries had the following transactions. Borrowed $5,000 from the bank by signing a note. Paid $2,500 cash for a computer. Purchased $700 of supplies on account. Instructions: Journalize each transaction. (Omit explanations.)
Selected transactions for Fateem Care Company are listed below. Made cash investment to start business. Paid monthly rent. Purchased equipment on account. Billed customers for services performed. Withdrew cash for owner’s personal use. Received cash from customers billed in (4). Incurred advertising expense on account. Instructions: List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and owner’s equity. For example, the first answer is: (1) Increase in assets and increase in owner’s equity. 6- Yousuf Industries had the following transactions. Borrowed $5,000 from the bank by signing a note. Paid $2,500 cash for a computer. Purchased $700 of supplies on account. Instructions: Journalize each transaction. (Omit explanations.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Selected transactions for Fateem Care Company are listed below.
- Made cash investment to start business.
- Paid monthly rent.
- Purchased equipment on account.
- Billed customers for services performed.
- Withdrew cash for owner’s personal use.
- Received cash from customers billed in (4).
- Incurred advertising expense on account.
Instructions: List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and owner’s equity. For example, the first answer is: (1) Increase in assets and increase in owner’s equity.
6- Yousuf Industries had the following transactions.
- Borrowed $5,000 from the bank by signing a note.
- Paid $2,500 cash for a computer.
- Purchased $700 of supplies on account.
Instructions: Journalize each transaction. (Omit explanations.)
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