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Problem - Effect of Transactions on Accounting Equation

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Problem - Effect of Transactions on Accounting Equation

On Time Delivery Service had the following selected transactions during November:

1. Received cash from issuance of common stock, $75,000.

2. Paid rent for November, $5,000.

3. Paid advertising expense, $3,000.

4. Received cash for providing delivery services, $34,500.

5. Borrowed $10,000 from Second National Bank to finance its operations.

6. Purchased a delivery van for cash, $25,000.

7. Paid interest on note from Second National Bank, $75.

8. Paid salaries and wages for November, $10,000.

9. Paid dividends, $2,000.

Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), 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, increase in a liability.

c. Increase in an asset, increase in stockholders' equity.

d. Decrease in an asset, decrease in a liability.

e. Decrease in an asset, decrease in stockholders' equity.

Reference no: EM132710781

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