Analyze the following transactions. Indicate which accounts are affected and whether they will increase or decrease. Transaction (a) is completed as an example.
a. Owner investment of cash into the business.
b. Payment of a utility bill.
c. Purchase of inventory for cash.
d. Payment of an accounts payable.
e. Performing a service on account.
f. Collecting cash from a customer as payment on his account.
Definitions:
Price
The amount of money required to purchase a good or service, determined by supply and demand dynamics.
Tax Burden
The financial charge or impact that a taxpayer faces due to government taxation.
Buyers
Individuals or entities that purchase goods or services for personal use, resale, or production purposes.
Unit
A standard measure or quantity used in expressing the size, amount, or extent of something, often used in economics for analysis.
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