QUESTION 2 Please indicate the effect/impact of each transaction on the relevant accounts. Please follow...
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Accounting
QUESTION 2 Please indicate the effect/impact of each transaction on the relevant accounts. Please follow the example shown. EXAMPLE: (1) Owner invested 20,000 cash in the business ANSWER: (1) Cash increased by 20,000. Owner capital increased by 20,000. Transaction: (1) Purchased 1,000 of supplies on credit. (2) Purchased 15,000 equipment for 5,000 cash and 10,000 note. (3) Received 25,000 cash for consulting service performed last month. (4) At 31 December, the company paid 13,000 cash for the December's rent. (5) Received 14,000 cash for 10,000 consulting service and 4.000 rental. For the toolbar, press ALT+F10 (PC) or ALT=FN+F10 (Mac)
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