Analyze the Following Transactions in Terms of Their Effect on the Basic

question 214

Essay

Analyze the following transactions in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded.
(1) Issued stock to investors for $20,000 in cash.
(2) Purchased supplies on credit for $700.
(3) Billed customers $1,000 for services provided.
(4) Paid for supplies purchased in transaction 2.
(5) Paid dividends of $300 cash to stockholders.
(6) Received half from customers billed in transaction 3.
(7) Received and paid utility bill for $100.

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Definitions:

Unconscious Conflicts

Internal struggles in the mind that occur without conscious awareness, often stemming from repressed feelings or desires.

Ultimate Goal

The final or most significant objective or aim that is pursued; the highest aim.

Personal Dispositions

Refers to the consistent behavioral traits and patterns that form an individual's personality.

Personality Development

The process by which one's individual personality traits and characteristics grow and change throughout the lifespan.