Analyze the Effect of the Following Transactions on the Accounting

question 61

Essay

Analyze the effect of the following transactions on the accounting equation.(a)The company paid $725 to a vendor for supplies purchased previously on account.(b)The company performed $850 of services and billed the customer.(c)The company received a utility bill for $395 and will pay it next month.(d)The company paid dividends of $145.(e)The company paid $315 in salaries to its employees.(f)The company collected $730 of cash from its customers on account.​
Some of the possible effects of a transaction on the accounting equation are listed below:
(1)Assets, Dr.; Assets, Cr.(2)Assets, Dr.; Stockholders' Equity, Cr.(3)Assets, Dr.; Liabilities, Cr.(4)Assets, Dr.; Revenues, Cr.(5)Liabilities, Dr.; Assets, Cr.(6)Dividends, Dr.; Assets, Cr.(7)Expenses, Dr.; Assets, Cr.(8)Expenses, Dr.; Liabilities, Cr.​
Put the appropriate letter next to each transaction.

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Definitions:

Competent and Mature

Refers to possessing the necessary skills, knowledge, and emotional maturity for effective performance and decision-making.

Major Formative Period

A critical time frame in an individual's life when significant growth, development, or change happens.

Child's Character

The combination of mental and ethical traits marking and often individualizing a child or young person.

Collective Child-care Arrangements

Childcare that is managed and provided by a group or community, rather than by individual caregivers or parents.