Daniels Company Is Owned and Operated by Thomas Daniels

question 52

Essay

Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during May:
1.Received cash from owner as additional investment, $55,000.
2.Paid creditors on account, $7,000.
3.Billed customers for services on account, $2,565.
4.Received cash from customers on account, $8,450.
5.Paid cash to owner for personal use, $2,500.
6.Received the utility bill, $160, to be paid next month.

?Indicate the effect of each transaction on the accounting equation by:
(a)Accounting equation element type: (A) assets, (L) liabilities, (OE) owner's equity, (R) revenue, and (E) expense
b)Name of accounting equation element
c)The amount of the transaction
d)The direction of change
(increase or decrease) in the account affected
Note: Each transaction has two entries.?

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Definitions:

Retina

The light-sensitive layer of tissue at the back of the inner eye, converting light images into electrical signals sent to the brain.

Opponent Process Theory

A psychological and neurological model that explains contrasting emotional states as an automatic response to the repeated exposure to stimuli.

Vision For Action

Refers to the ability of the brain to transform visual information into motor commands, enabling coordinated movements in response to visual stimuli.

Dorsal Stream

The visual processing pathway in the human brain that is responsible for the perception of motion, spatial orientation, and control of eye movements and hand-eye coordination.