Reference no: EM13915009
Identifying transaction type, its effect on the accounting equation, and whether the effect is recorded with a debit or credit
Required:
Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the accounting equation by placing a + for increase for decrease, and NA for not affected under each of the Components of the accounting equation. Finally, indicate whether the effect requires a debit or credit entry. The first event is recorded as an example.
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a. Purchased land with cash.
b. Purchased supplies on account.
c. Acquired cash from the issue of common stock.
d. Paid cash in advance for one year of rent.
e. Paid salaries payable.
f. Received cash for services to be performed in the future.
g. Paid a cash dividend to the stockholders.
h. Received cash in payment of accounts receivable.
i. Paid accounts payable.
j. Provided services for cash.
k. Recognized expense for supplies used during the period.
l. Recognized revenue for services completed for which cash had been collected previously.
m. Recognized accrued interest revenue.
n. Incurred other operating expenses on account.
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