For Each Transaction Given, Enter in the Tabulation Given Below

question 38

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 Transactions:
1. Owner invests cash in the business.
2. Pays cash for equipment.
3. Pays administrative assistant's salary.
4. Purchases office supplies on account.
5. Pays electricity bill.
6. Borrows money from local bank.
7. Makes payment on account.
8. Receives cash due from customers.
9. Provides services on account.
10. Owner withdraws assets from the business.

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Definitions:

Constitution

The fundamental principles or established precedents according to which a state or other organization is governed.

Economic Freedom

The fundamental right of every human to control his or her own labor and property, including the freedom to trade and to partake in markets.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined primarily by competition in a free market.

Core Values

Fundamental beliefs or guiding principles that dictate behavior and can help people understand the difference between right and wrong.