Effects of Transactions on Elements of the Accounting Equation

question 9

Essay

Effects of transactions on elements of the accounting equation
Some of the transactions carried out by Tudor Wholesale during the first month of the company's operations are listed below.Determine the effect of each transaction on the total assets,the total liabilities,and the owners' equity.Prepare your answer in columnar form,identifying each transaction by letter and using the symbols (+)for increase, (-)for decrease,and (NC)for no change.An answer is provided for the first transaction to serve as an example.

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