Elements of the accounting equation

Reference no: EM133710

Question :

For each of the subsequent transactions, indicate whether is increases (I) , decreases (D) , or has no effect (NE) on the total dollar of each of the elements of the accounting equation.

Transaction Asset = Liabilities + Stockholders' Equity

1. Equipment is purchased for cash

2. Services are given to customers on account

3. Services are given to customers in exchange for cash

4. An account payable is paid off

5. Cash is collected on an account receivable

6 Buildings are purchased in exchange for three year note payable

7. Advertising bill for the month is paid

8. Dividends are paid to stockholders

9. Land is acquired by issuing shares of stock to the owner of the land

Reference no: EM133710

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