Chapter 1, Problem 11E

Identifying effects of transactions on the accounting equation $\text{P}1$
The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique.

Identify the explanation from a through j below that best describes each transaction 1 through 5 and enter it in the blank space in front of each numbered transaction.

1. The company purchased $1,000 of office supplies on credit.
2. The company collected $1,900 cash from an account receivable.
3. The company sold land for $4,000 cash.
4. The company paid $1,000 cash in dividends to shareholders.
5. The company purchased office supplies for $1,000 cash.
6. The company purchased land for $4,000 cash.
7. The company billed a client $1,900 for services provided.
8. The company paid $1,000 cash toward an account payable.
9. The owner invested $1,900 cash in the business in exchange for its common stock.
10. The company sold office supplies for $1,900 on credit.