Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation.

a. Owner invested $ \$ 16,500 $ cash in the business.
b. Paid premium for two-year insur ance policy, $ \$ 1,500 $.
c. Purchased a van valued at $ \$ 35,000 $ with $ \$ 5,000 $ down payment; the bal ance to be paid over three years.
d. Paid the rent for the month, $ \$ 900 $.
e. Purchased $ \$ 470 $ of supplies for cash.
f. Cash sales for the month, $ \$ 8,750 $.
g. Billed credit customers $ \$ 14,200 $ for monthly services.
h. Paid monthly utility bill, $ \$ 210 $.
Owner withdrew $ \$ 2,200 $ for personal use.
Received payments of $ \$ 3,300 $ from credit customers.

Question

Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation.
​
 a. Owner invested $ \$ 16,500 $ cash in the business.
b. Paid premium for two-year insur ance policy, $ \$ 1,500 $.
c. Purchased a van valued at $ \$ 35,000 $ with $ \$ 5,000 $ down payment; the bal ance to be paid over three years.
d. Paid the rent for the month, $ \$ 900 $.
e. Purchased $ \$ 470 $ of supplies for cash.
f. Cash sales for the month, $ \$ 8,750 $.
g. Billed credit customers $ \$ 14,200 $ for monthly services.
h. Paid monthly utility bill, $ \$ 210 $.
Owner withdrew $ \$ 2,200 $ for personal use.
Received payments of $ \$ 3,300 $ from credit customers. ​
  ​

Quizplus · Accepted Answer

The Answer of Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading.Compute the resulting accounting equation.
​
 a. Owner invested $ \$ 16,500 $ cash in the business.
b. Paid premium for two-year insur ance policy, $ \$ 1,500 $.
c. Purchased a van valued at $ \$ 35,000 $ with $ \$ 5,000 $ down payment; the bal ance to be paid over three years.
d. Paid the rent for the month, $ \$ 900 $.
e. Purchased $ \$ 470 $ of supplies for cash.
f. Cash sales for the month, $ \$ 8,750 $.
g. Billed credit customers $ \$ 14,200 $ for monthly services.
h. Paid monthly utility bill, $ \$ 210 $.
Owner withdrew $ \$ 2,200 $ for personal use.
Received payments of $ \$ 3,300 $ from credit customers. ​
  ​

Show the Effect of Each Transaction on the Three Basic $16,500 \$ 16,500 $16,500

Show the Effect of Each Transaction on the Three Basic $\$ 16,500$