For Each of the Following Transactions,identify the Effects on the Accounting

question 108

Short Answer

For each of the following transactions,identify the effects on the accounting equation.Use "+" to indicate an increase and "-" to indicate a decrease.Use "A","L" and "E" to indicate assets,liabilities,and equity,respectively.Part (a)has been completed as an example.
$\begin{array}{|l|l|l|l|l|}\hline a. &\text { L. Berryman invested } \$ 100,000 \text { in the } \\&\text { new corporation in exchange for stock. } & +\mathrm{A} & +\mathrm{E} & +\mathrm{L}\\\hline b. & \text { Land was purchased for } \$ 50,000 . \mathrm{A} \\&\text { down payment of } \$ 15,000 \text { cash was } \\&\text { made and a note was signed for the } \\&\text { balance. } & & \\\hline c. &\text { Services were rendered to customers } \\&\text { for cash } & & \\\hline d. &\text { A building was purchased for cash. }& & \\\hline e. & \text { Supplies were purchased for cash. }& & \\\hline f. &\text { Paid the office secretary's salary. }& & \\\hline g. & \text { The amount owed on the land from } \\&\text { part (b) was paid. } & & \\\hline\end{array}$

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