INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month on assets, liabilities, and owner's equity by inserting "+" for increase and “-" for decrease in the appropriate columns at the right. Question 1 Answers A OE 0. Received cash from owner as original investment. + + 1. Received cash for services provided (sold). 2. Purchased equipment for cash 3. Paid utilities for month . 4. Paid creditors on account. 5. Received cash for service sold to cash customers 6. Purchased land by signing a nine-month, non-interest-bearing note payable 7. Charged customers for service sold on account. 8. Paid miscellaneous expenses 9. Paid first installment due on the non-interest-bearing note payable 10. Purchased office supplies on account 11. Paid cash to owner on withdrawal 12. Recorded cost of supplies used during the month

INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month on assets, liabilities, and owner's equity by inserting "+" for increase and “-" for decrease in the appropriate columns at the right. Question 1 Answers A OE 0. Received cash from owner as original investment. + + 1. Received cash for services provided (sold). 2. Purchased equipment for cash 3. Paid utilities for month . 4. Paid creditors on account. 5. Received cash for service sold to cash customers 6. Purchased land by signing a nine-month, non-interest-bearing note payable 7. Charged customers for service sold on account. 8. Paid miscellaneous expenses 9. Paid first installment due on the non-interest-bearing note payable 10. Purchased office supplies on account 11. Paid cash to owner on withdrawal 12. Recorded cost of supplies used during the month

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Description: INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month onassets, liabilities, and owner's equity by inserting "+" for increase and “-" for decrease in theappropriate columns at the right.Question 1AnswersAOE0.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 11EA: For each of the following accounts, identify in which section of the classified balance sheet it...

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