For Each of the Following Transactions, Identify the Effects as Reflected

question 117

Essay

For each of the following transactions, identify the effects as reflected in the accounting equation. Use "+" to indicate an increase and "-" to indicate a decrease. Use "A", "L", and "E" to indicate assets, liabilities, and equity, respectively. Part A has been completed as an example. $$\begin{array} {| l | l | l | l| } \hline\text { a. } & \text { L. Chester invested } \$ 100,000 \text { in a corporation. } & + \mathrm { A } & + \mathrm { E } \\\hline \begin{array} { l } \text { b. }\end{array} & \begin{array} { l } \text { Land was purchased for } \$ 50,000 . \\\text { A down payment of } \$ 15,000 \text { eash was made and a note was } \\\text { signed for the balance. }\end{array} & & \\\hline \text { c. } & \text { Services were rendered to customers for cash. } & \\\hline \text { d. } & \text { A building was purchased for cash. } & & \\\hline \text { e. } & \text { Supplies were purchased for cash. } & & \\\hline \text { f. } & \text { Paid the office secretary's salary. } & & \\\hline \text { g. } & \text { The amount owed on the land from Part (b) was paid. } & & \\\hline\end{array}$$

---

Definitions:

Abyssal Plain

A relatively flat, smooth region of the deep ocean floor.

Divergent Boundary

A tectonic boundary where two tectonic plates move away from each other, often creating new crust as magma rises to the surface.

Convergent Boundary

A tectonic plate boundary where two plates move toward each other, often causing one plate to dive beneath the other, leading to mountain formation or volcanic activity.

Active Continental Rift

A region where a continent is actively being stretched and thinned, often leading to the formation of new crust and the potential for volcanic activity.