Use the Following signs for each transaction under the relevant item 1. + The item is increased due to the transaction. 2. - The item is decreased due to the transaction. 3. +/- One item is increased and another is decreased due to the transaction. Table 1 S. No Transaction Assets Liabilities | Equity Investment made by the owner Equipment purchased on account Office equipment purchased with cash A bank loan was received in cash by the firm Equipment Sold More Equipment were purchased with Cash The loan lent by the bank was repaid by the firm Cash Withdrawals by the owner 1 3 4 7 8. Cash received from an account customer 10 Purchased Land, paid half in cash and half on credit

Use the Following signs for each transaction under the relevant item 1. + The item is increased due to the transaction. 2. - The item is decreased due to the transaction. 3. +/- One item is increased and another is decreased due to the transaction. Table 1 S. No Transaction Assets Liabilities | Equity Investment made by the owner Equipment purchased on account Office equipment purchased with cash A bank loan was received in cash by the firm Equipment Sold More Equipment were purchased with Cash The loan lent by the bank was repaid by the firm Cash Withdrawals by the owner 1 3 4 7 8. Cash received from an account customer 10 Purchased Land, paid half in cash and half on credit

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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