Indicate the Effects on the Accounting Equation of the Following

question 257

Essay

Indicate the effects on the accounting equation of the following business transactions of Garland Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide.
a) Received cash from Trent Garland issued common stock to him.
b) Collected cash on accounts receivable (created 20 days earlier).
c) Purchased office supplies on account.
d) Paid cash for the current month's electric bill.

---

Definitions:

Control Groups

In experiments, the groups that do not receive the experimental treatment and are used as a baseline to compare the effects of the treatment.

Treatment Groups

In experimental research, groups of participants receiving the intervention or treatment being tested, as opposed to control groups which receive no treatment or a placebo.

Experimental Research

A research method that investigates causal relationships by manipulating one variable to see its effect on another, under controlled conditions.

Independent Variable

The variable that is manipulated in an experiment to test its effects on the dependent variable.