For Each of the Following, Identify the Type of Event

question 42

Essay

For each of the following, identify the type of event as asset source (AS), asset use (AU), asset exchange (AX), or claims exchange (CX). Also show the effect (increase or decrease) of each transaction on the components of the accounting equation. Write "NA" under any element not affected.
1) Debited cash and credited common stock.
2) Debited accounts receivable and credited service revenue.
3) Debited office supplies and credited accounts payable.
4) Debited prepaid rent and credited cash.
5) Debited cash and credited accounts payable.
6) Debited accounts payable and credited cash.
7) Debited dividends and credited cash.
8) Debited rent expense and credited prepaid rent.

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Definitions:

Simple Tools

Basic implements or devices designed to perform a specific function or task, often with a simple construction and operation.

Symbols

Objects, characters, figures, or colors used to represent abstract concepts or ideas.

Communication System

A collection of individual communication networks, transmission systems, relay stations, tributary stations, and data terminal equipment designed for efficient and effective transmission of information.

Genetically Wired

An expression referring to the way in which an organism's genetic makeup influences its behavior, traits, or abilities.