Reference no: EM132526155
Selected transactions for Myme Inc. one listed here.
1. Received $50,000 from stockholders.
2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.
3. Paid $3,000 rent for the month.
4. Recorded $12,500 of services provided on account.
5. Paid wages of $9,500.
6. Received $7,000 in cash for services provided.
7. Collected $2,000 from customers on account.
Instructions
Question 1: Describe the effect of each transaction on the basic accounting equation.
For example, the first answer is:
(1) Increase in assets $50,000 and increase in stockholders' equity $50,000.
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