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Show the Effect of Each Transaction on the Three Basic $\$ 16,500$

question 32

Essay

Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation.

a. Owner invested $\$ 16,500$ cash in the business.
b. Paid premium for two-year insur ance policy, $\$ 1,500$ .
c. Purchased a van valued at $\$ 35,000$ with $\$ 5,000$ down payment; the bal ance to be paid over three years.
d. Paid the rent for the month, $\$ 900$ .
e. Purchased $\$ 470$ of supplies for cash.
f. Cash sales for the month, $\$ 8,750$ .
g. Billed credit customers $\$ 14,200$ for monthly services.
h. Paid monthly utility bill, $\$ 210$ .
Owner withdrew $\$ 2,200$ for personal use.
Received payments of $\$ 3,300$ from credit customers.
$Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation. a. Owner invested \$ 16,500 cash in the business. b. Paid premium for two-year insur ance policy, \$ 1,500 . c. Purchased a van valued at \$ 35,000 with \$ 5,000 down payment; the bal ance to be paid over three years. d. Paid the rent for the month, \$ 900 . e. Purchased \$ 470 of supplies for cash. f. Cash sales for the month, \$ 8,750 . g. Billed credit customers \$ 14,200 for monthly services. h. Paid monthly utility bill, \$ 210 . Owner withdrew \$ 2,200 for personal use. Received payments of \$ 3,300 from credit customers. $
$Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation. a. Owner invested \$ 16,500 cash in the business. b. Paid premium for two-year insur ance policy, \$ 1,500 . c. Purchased a van valued at \$ 35,000 with \$ 5,000 down payment; the bal ance to be paid over three years. d. Paid the rent for the month, \$ 900 . e. Purchased \$ 470 of supplies for cash. f. Cash sales for the month, \$ 8,750 . g. Billed credit customers \$ 14,200 for monthly services. h. Paid monthly utility bill, \$ 210 . Owner withdrew \$ 2,200 for personal use. Received payments of \$ 3,300 from credit customers. $ $Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation. a. Owner invested \$ 16,500 cash in the business. b. Paid premium for two-year insur ance policy, \$ 1,500 . c. Purchased a van valued at \$ 35,000 with \$ 5,000 down payment; the bal ance to be paid over three years. d. Paid the rent for the month, \$ 900 . e. Purchased \$ 470 of supplies for cash. f. Cash sales for the month, \$ 8,750 . g. Billed credit customers \$ 14,200 for monthly services. h. Paid monthly utility bill, \$ 210 . Owner withdrew \$ 2,200 for personal use. Received payments of \$ 3,300 from credit customers. $

Definitions:

Unilateral Contract

An agreement in which one party makes a promise in exchange for an act by another party, without a reciprocal promise being made.

Reward

A form of compensation or incentive given in exchange for the fulfillment of a certain task or achievement.

Show the Effect of Each Transaction on the Three Basic $16,500 \$ 16,500 $16,500

Definitions:

Show the Effect of Each Transaction on the Three Basic $\$ 16,500$