Several Transactions Are Listed Below,with the Accounting Equation Stated to the Right

question 169

Essay

Several transactions are listed below,with the accounting equation stated to the right side of each.Use the following identification codes to indicate the effects of each transaction on the accounting equation: I = Increase;D = Decrease;NE = No Effect.Write your answers in the space provided under the accounting equation,being sure to include an identification code for each element of the accounting equation.An example is provided before the first transaction.
$\begin{array}{|l|l|l|l|l|l|l|}\hline&&&&&&\text { Stockbolders" }\\\hline &&\text { Assets }&=&\text { Liabilities }&+&\text { Equity}\\\hline \text { Example: } & I &&NE&&I&\\ \begin{array}{llcc} \text { Common } \\ \text { stock is } \\ \text { issued to } \\ \text { investors in } \\ \text { the } \\ \text { company } \\\end{array}\\\hline \text { A) } & \text { Services are sold for cash. } &&&&& \\\hline \text { B) } & \text { Equipment is purchased on credit. } &&&&& \\\hline \text { C) } & \text { Payment is made for equipment purchased on cre dit. } &&&&& \\\hline \text { D) } & \text { Services are sold for credit. } &&&&& \\\hline \text { E) } & \text { Cashis collected from customers for ac countsreceivable } & &&&&\\ &\text { balances. } &&&&& \\\hline \text { F) } & \text { Dividends are paid to stockholders. } & &&&&\\\hline \text { G } & \text { Land and building are acquired in exchange for shares of } & &&&& \\& \text { common stock }\\\hline \text { H) } & \text { [Utility bill is received and recorded; will pay later. } &&&&& \\\hline\end{array}$