1 answer

Question No. (6) (10 minutes): The following transactions occurred during 2016 in Leeds Corporation. 1- Purchased...

Question:

Question No. (6) (10 minutes): The following transactions occurred during 2016 in Leeds Corporation. 1- Purchased Equipment o
Question No. (6) (10 minutes): The following transactions occurred during 2016 in Leeds Corporation. 1- Purchased Equipment on account. 2- Purchased Equipment for cash. 3- Billed customers for services already performed. 4- Received and immediately paid a utility bill. 5- Received cash payment from a previously billed customer. 6- Received cash as an additional investment from a shareholder. 7- Made cash payment on Equipment purchased in transaction 1. 8- Paid dividends cash to shareholders. 9- Paid rent cash for 2 years in advance. USING THE TABLE PROVIDED, indicate whether each of the above transactions have caused an increase (+), or decrease (-), or has no effect (NE) on assets, liabilities, and Equity. The solution to transaction 1 is provided as an illustration Assets Liabilities Equity II NE 1. 2. 3. 4. 5. 6. 7. 8. 9.

Answers

1 + N 3 Assets = Liabilities + Equity + NE NE NE NE + NE + NE NE NE NE + NE + 4 - - 5 6 7 NE 8 - - NE NE 9 NE NE Explanation:

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