Reference no: EM133004443
Problem 1: Indicate the effects of each transaction on assets, liabilities, and stockholders' equity by inserting "+" for increase and "-" for decrease.
FOR EXAMPLE: PURCHASED LAND BY ISSUING A NOTE [ANSWER THIS WAY ] A+ L+
(a) Paid rent for the current month
(b) Purchased supplies on account
(c) Received cash for services sold to customers
(d) Received cash from owner in exchange for common stock
(e) Paid insurance premiums in advance
(f) Charged customers for services sold on account
(g) Returned some defective supplies purchased in (b)
Received cash on account from customers
(i) Paid cash to a customer as a refund for an overcharge
(j) Paid cash to creditor for purchases in (b)
(k) Paid wages
(l) Recorded the cost of supplies used during the year
(m) Purchased a truck for cash
(n) Paid dividends
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