Adams Company Completed the Following Transactions During March

question 27

Essay

Adams Company completed the following transactions during March:
Purchased inventory on open account,$28,000.
Purchased $900 of supplies for cash.
Sold on open account for $35,000 merchandise that had cost $23,000.
Employees earned $6,000 during March and were paid $5,000.
Collected $30,000 from credit customers.
Paid $25,000 to suppliers for merchandise purchases.
Used up $700 of supplies during March.
Using the form shown below,indicate the effect of each event on the assets,liabilities,and owners' equity of Adams Company.Use + or increases and - for decreases.
Using debits and credits make the entries for the same events
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A)

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Definitions:

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