The following selected transactions were completed by Next Day Delivery Services during October: Purchased supplies for cash, $3,000.Paid cash to owner for personal use, $1,500.Received cash for providing delivery services, $15,125.Paid rent for October, $2,500. Billed customers for delivery services on account, $6,900.Received cash from owner as additional investment, $80,000.Paid advertising expense, $750.Paid creditors on account, $4,500.Purchased Office Equipment on account, $950Acquiring Land on account by $42,000. Received cash from customers on account, $4,750.Paid salary from the month. Indicate the effect of each transaction on the accounting equation by the listing the numbers identifying the transaction (1) through (12), in a vertical column, and inserting at the right of each number of appropriate letter from the following; Increase in the asset, decrease in another asset. Increase in an asset, increase in a liability. Increase in an asset, increase in owner’s equity. Decrease an asset, decrease in liability. Decrease in an asset, decrease in owner equity

Name: The following selected transactions were completed by Next Day Deliver
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Description: The following selected transactions were completed by Next Day Delivery Services during October: Purchased supplies for cash, $3,000.Paid cash to owner for personal use, $1,500.Received cash for providing delivery services, $15,125.Paid rent for Oct

Accounting Equation: It is a fundamental equation used in accounting to establish the relationship…

Answered: The following selected transactions…

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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The following selected transactions were completed by Next Day Delivery Services during October:

Purchased supplies for cash, $3,000.
Paid cash to owner for personal use, $1,500.
Received cash for providing delivery services, $15,125.
Paid rent for October, $2,500.
Billed customers for delivery services on account, $6,900.
Received cash from owner as additional investment, $80,000.
Paid advertising expense, $750.
Paid creditors on account, $4,500.
Purchased Office Equipment on account, $950
Acquiring Land on account by $42,000.
Received cash from customers on account, $4,750.
Paid salary from the month.

Indicate the effect of each transaction on the accounting equation by the listing the numbers identifying the transaction (1) through (12), in a vertical column, and inserting at the right of each number of appropriate letter from the following;

Increase in the asset, decrease in another asset.

Increase in an asset, increase in a liability.

Increase in an asset, increase in owner’s equity.

Decrease an asset, decrease in liability.

Decrease in an asset, decrease in owner equity

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