Transactions Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March: Indicate the effect of each transaction on the following accounting equation elements (Assets; Liabilities; Kris Meyers, Capital; Kris Meyers, Drawing; Revenue; and Expenses). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: 1) Asset (Cash) increases by $30,000; Kris Meyers, Capital increases by $30,000. 1. Received cash as an additional investment from Kris Meyers, $30,000. 2. Paid advertising expense, $3,500. 3. Purchased supplies on account, $2,500. 4. Billed customers for delivery services on account, $18,750. 5. Received cash from customers on account, $14,150. Element Asset Kris Meyers, Capital ▼ ▼ ▼ ▼ Item Cash ▼ ▼ ▼ ▼ Direction Increases Increases ▼ ▼

Transactions Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March: Indicate the effect of each transaction on the following accounting equation elements (Assets; Liabilities; Kris Meyers, Capital; Kris Meyers, Drawing; Revenue; and Expenses). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: 1) Asset (Cash) increases by $30,000; Kris Meyers, Capital increases by $30,000. 1. Received cash as an additional investment from Kris Meyers, $30,000. 2. Paid advertising expense, $3,500. 3. Purchased supplies on account, $2,500. 4. Billed customers for delivery services on account, $18,750. 5. Received cash from customers on account, $14,150. Element Asset Kris Meyers, Capital ▼ ▼ ▼ ▼ Item Cash ▼ ▼ ▼ ▼ Direction Increases Increases ▼ ▼

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Description: TransactionsSpeedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March:Indicate the effect of each transaction on the following accounting equation elements (Asset

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Transactions
Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March:
Indicate the effect of each transaction on the following accounting equation elements (Assets; Liabilities; Kris Meyers, Capital; Kris Meyers, Drawing; Revenue; and
Expenses). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows:
1) Asset (Cash) increases by $30,000; Kris Meyers, Capital increases by $30,000.
1. Received cash as an additional investment from Kris Meyers, $30,000.
2. Paid advertising expense, $3,500.
3. Purchased supplies on account, $2,500.
4. Billed customers for delivery services on account, $18,750.
5. Received cash from customers on account, $14,150.
Element
Asset
Kris Meyers, Capital
Item
Cash
Direction
Increases
Increases

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