Record the Effects of the Following Transactions on the Accounting

question 112

Essay

Record the effects of the following transactions on the accounting equation. After recording the transactions, compute the ending balances of the equation to prove it balances.
1. A business received $10,000 and issued common stock.
2. Paid $2,000 monthly rent for office space.
3. Purchased $3,000 of office equipment, paying cash.
4. Purchased $500 of office supplies on account.
5. Recorded $4,000 of revenue, receiving cash.
6. Performed $1,500 of services on account.
7. Paid utilities expense of $900.
8. Collected cash from a customer on account, $1,000.
9. Borrowed $10,000 from the bank and signed a note payable.

---

Definitions:

Moral Realism

The philosophical belief that there are objective moral values which are independent of human opinion or belief.

Authority

The power or right to give orders, make decisions, and enforce obedience.

Cognitive Abilities

The mental skills that involve the ability to reason, remember, understand, solve problems, and make decisions.

Metamemory

An individual's knowledge and awareness of their own memory abilities and strategies, which can affect cognitive performance.