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Record each transaction by increasing the dollar amount

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Question: Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected.

(1) Issued ordinary shares in exchange for $15,000 cash on June 1.

(2) Purchased equipment for $3,500 paying $3,000 in cash and the remainder due in 30 days.

(3) Purchased supplies for $2,100 cash.

(4) Purchase advertising from News for $500 on account.

(5) Cash receipts from customers for services amounted to $2,600.

(6) Paid salaries of $800 to student workers.

(7) Paid $400 to College News for advertising that was previously billed in Transaction 4. (8) Paid dividends of $900.

Reference no: EM132753535

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