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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 8
Determining the Accounting Equation Effects of Transactions
Complete the following table, indicating the sign and amount of the effect (+ for increase, for decrease, and NE for no effect) of each transaction. Provide an account name for any revenue or expense transactions included in stockholders' equity. Consider each item independently.
a. Recorded services provided to a customer on account for $500.
b. Recorded $50 of supplies purchased from a supplier on account.
c. Recorded advertising services of $1,000 received but not yet paid for.
Complete the following table, indicating the sign and amount of the effect (+ for increase, for decrease, and NE for no effect) of each transaction. Provide an account name for any revenue or expense transactions included in stockholders' equity. Consider each item independently.
a. Recorded services provided to a customer on account for $500.
b. Recorded $50 of supplies purchased from a supplier on account.
c. Recorded advertising services of $1,000 received but not yet paid for.
Explanation
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Effect of transactions on shareholders' ...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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