Help I Exercise 231 Analyze the transaction ns of a business organized as a corp

Question

Help I Exercise 231 Analyze the transaction ns of a business organized as a corporation described below and indicate their effect on the basic accounting equation. 1. Received cash for services rendered. 2. Purchased office equipment on credit 3. Paid employees' salaries 4. Received cash from customer in payment on account. 5. Paid telephone bill for the month 6. Paid for office equipment purchased in transaction 2 7. Purchased office supplies on credit 8. Dividends were paid. 9. Obtained a loan from the bank. 10. Billed customers for services rendered IncreaseDecrease DecreaseIncrease No Effect Decrease Increase Increase DecreaseIncrease Increase No Effect No Effect Increase No Effect Activate Windows Go to Settings to activob Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Assets = Liabilities + Stockholders Equity     1 Received cash for service renderred Increase No effect Increase Cash account will increase and net income will increase     2 Purchased office equipment on credit Increase Increase No effect Fixed assets will increase and accounts payable also will increase     3 Paid employees salaries Decrease No effect Decrease Cash account will decrease and net income also will decrease     4 Received cash from customer in payment on account No effect No effect No effect Cash account will increase and accounts receivable will decrease     5 Paid telephone bill for the month Decrease No effect Decrease Cash account will decrease and net income also will decrease     6 Paid for office equipment purchased in transaction 2 Decrease Decrease No effect Cash account will decrease and accounts payable also will decrease     7 Purchased office supplies on credit Increase Increase No effect Supplies account will increase and accounts payable also will increase     8 Dividends were paid Decrease No effect Decrease Cash account will decrease and Retained earnings also will decrease     9 Obtained a loan from the bank Increase Increase No effect Cash account will increase and loan payable will also increase 10 Billed customers for service rendered Increase No effect Increase Net income will increase and Accounts receivable also will increase

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