The interstate delivery service is owned and operated by Katie Wyer. The Interstate Delivery Service performed the following selected transactions during May: 1. Received cash from owner as additional investment, $ 18,000. 2. Advertising expenses paid, $ 4,850. 3. Supplies purchased on account, $ 2,100. 4. Customers billed for delivery services on account, $ 14,700. 5. Received cash from clients on account, $ 8,200. Indicate the effect of each transaction on the elements of the accounting equation (assets, liabilities, owner's equity, draw, income and expenses). Also indicate the specific element within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Assets (cash) increase by $ 18,000; Owner's equity (Katie Wyer, principal) increases by $ 18.00
The interstate delivery service is owned and operated by Katie Wyer. The Interstate Delivery Service performed the following selected transactions during May: 1. Received cash from owner as additional investment, $ 18,000. 2. Advertising expenses paid, $ 4,850. 3. Supplies purchased on account, $ 2,100. 4. Customers billed for delivery services on account, $ 14,700. 5. Received cash from clients on account, $ 8,200. Indicate the effect of each transaction on the elements of the
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