For Each of the Following Events, Indicate the Amount by Which

question 104

Short Answer

For each of the following events, indicate the amount by which owner's equity increased or decreased.
a)Owner invested cash of $25,000 and equipment valued at $10,500 into the business.
b)Purchased $600 of supplies on account.
c)Borrowed $10,000 from the bank, issuing a note payable.
d)Performed a service for $1,500 and immediately collected the cash.
e)Paid the employee salaries of $1,200 cash.
f)Purchased equipment for $550 cash.
g)Received monthly rent bill of $1,300, to be paid in the following month.
h)Performed a service on account for $2,300.

---

Definitions:

Operations Managers

Professionals responsible for overseeing the production of goods and services, focusing on improving efficiency and effectiveness in the processes.

Quality

The ability of a product or service to meet customer needs.

Costs

The expenditure incurred or the resources consumed in the process of producing goods or services or carrying out any activity.

Kaizen

A focus on continuous improvement.