FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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EFFECT OF TRANSACTIONS ON
(a) Invested cash in business, $18,000.
(b) Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
(c) Paid one-year insurance premium, $1,200.
(d) Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
(e) Paid cash on account to the company that supplied the office supplies in transaction
(b), $2,300.
(f) Paid office rent for the month, $750.
(g) Withdrew cash for personal use, $100.
REQUIRED
Show the effect of each transaction on the individual accounts of the
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