For Each Transaction Given, Enter in the Tabulation Given Below

question 103

Essay

For each transaction given, enter in the tabulation given below a "D" for debit and a "C" for credit to reflect the increases and decreases of the assets, liabilities, and owner's equity accounts. In some cases there may be a "D" and a "C" in the same column. If there is not a transaction which needs to be recorded, leave the column blank.
Transactions:
1. Owner invests cash in the business.
2. Pays insurance in advance for six months.
3. Hires new administrative assistant.
4. Purchases office supplies on account.
5. Pays electricity bill.
6. Borrows money from local bank.
7. Makes payment on account.
8. Receives cash from customers on account.
9. Provides services to customers on account.
10. Owner withdraws assets from the business.

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Definitions:

Frederic Bastiat

A French economist and writer known for his advocacy of free markets and his critique of protectionism.

World Trade Organization

An international body that oversees global trade rules between nations, aiming to ensure trade flows as smoothly, predictably, and freely as possible.

Multinational Corporations

Large companies that operate and have assets in several countries, allowing them to produce and sell goods and services across national borders.

Trade Adjustment Assistance

A federal program designed to help workers who have lost their jobs as a result of international trade find new employment.