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The following table contains several business transactions for the current month. Required:   Identify the names of which accounts are affected, how they are affected (+/-, increase or decrease), and the element of the financial statement of these accounts (A, L, OE, R, E).

The following table contains several business transactions for the current month. Required:   Identify the names of which accounts are affected, how they are affected (+/-, increase or decrease), and the element of the financial statement of these accounts (A, L, OE, R, E).

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section: Chapter Questions
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Question Topic– Analysing business transactions.

The following table contains several business transactions for the current month.

Required:   Identify the names of which accounts are affected, how they are affected (+/-, increase or decrease), and the element of the financial statement of these accounts (A, L, OE, R, E).

Business The owner Purchased Cash received Borrowed Paid $250 cash $40,000 from the bank to be Transactions contributed for services for advertising computer $30,000 cash to equipment for $18,000 on provided $6,900. expense for the current month. commence the repaid in 5 business. credit. years. Account name +/- (Increase/ decrease) Element Account name +/- (Increase/ decrease) Element
Transcribed Image Text:Business The owner Purchased Cash received Borrowed Paid $250 cash $40,000 from the bank to be Transactions contributed for services for advertising computer $30,000 cash to equipment for $18,000 on provided $6,900. expense for the current month. commence the repaid in 5 business. credit. years. Account name +/- (Increase/ decrease) Element Account name +/- (Increase/ decrease) Element
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