Indicate the effect of each transaction on the

Assignment Help Accounting Basics

Reference no: EM13614542

Juniper Delivery Service had the following selected transactionsduring May:

1. Received cash fromissuance of capital stock, $50,000.

2. Received cash for providingdelivery services, $18,000

3. Paid advertising expense,$1,000.

4. Billed customers for deliveryservices, $35,000.

5. Purchased supplies for cash,$2,100.

6. Paid creditors, $2,000.

7. Paid rent for May, $2,000.

8. Received cash from customers onaccount, $16,700.

9. Determined that the cost ofsupplies on hand was $1,200; therefore, $900 of supplies had beenused during the month.

10. Paid dividends, $1,500.

Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1)through (10), in a vertical column, and inserting at the right of each number the appropriate letter from the following list:

a. Increase in an asset,decrease in another asset.

b. Increase in an asset, increasein a liability.

Reference no: EM13614542

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