Please provide the following information, from the business' perspective, for each of the following business...
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Accounting
Please provide the following information, from the business' perspective, for each of the following business transactions a-c, Assume your responses are as of EOD (end of day) on the data of the transaction.
1. Which portions of the accounting equation changed (i.e. Increase, Decrease, or No Effect)? Have Revenues ore Expenses in the Income Statement been affected?
2. Which specific line-item accounts have been affected (e.g., Cash, Revenues, Accounts Payable, etc.)?
3. How did each of these line-items change? Increase or decrease?
a) On June 2, company A collected an account receivable of $860 from a customer, East, Incorporated. [1 point]
b) On June 9, company A borrowed $12,000 cash from the bank by signing a 120-day note payable. [1 point]
c) On June 21, Acquired office furniture from West Company for $1,100, on account. [1 point]
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