Indicate the Effects on the Accounting Equation of the Following

question 163

Essay

Indicate the effects on the accounting equation of the following business transactions of Pilgrim Service Company for b)to d)below.The company is a sole proprietorship.Use proper account titles.Transaction a)is answered as a guide.
a)Maxwell Jones,the sole proprietor,contributed cash to the business in exchange for capital.
b) Received cash from a customer on accounts receivable.
c) Maxwell Jones withdrew cash from the business for personal use.
d) Paid cash on accounts payable.

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Definitions:

Supply-Chain Manager

A professional responsible for overseeing and managing a company's end-to-end supply chain processes, from procurement of materials to delivery of final products.

Boundary-Spanning

Activities performed by individuals or groups that involve interactions outside the immediate organization to obtain information or resources.

Production

The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption, encompassing both goods and services.

Service

Activities or benefits provided by one entity to another which do not result in the ownership of anything.