For each of the following, identify the type of event as asset source (AS), asset use (AU), asset exchange (AX), or claims exchange (CX). Also show the effect (increase or decrease) of each transaction on the components of the accounting equation. Write "NA" under any element not affected.
1) Debited cash and credited common stock.
2) Debited accounts receivable and credited service revenue.
3) Debited office supplies and credited accounts payable.
4) Debited prepaid rent and credited cash.
5) Debited cash and credited accounts payable.
6) Debited accounts payable and credited cash.
7) Debited dividends and credited cash.
8) Debited rent expense and credited prepaid rent.

Question

Quizplus · Accepted Answer

The Answer of For each of the following, identify the type of event as asset source (AS), asset use (AU), asset exchange (AX), or claims exchange (CX). Also show the effect (increase or decrease) of each transaction on the components of the accounting equation. Write "NA" under any element not affected.
1) Debited cash and credited common stock.
2) Debited accounts receivable and credited service revenue.
3) Debited office supplies and credited accounts payable.
4) Debited prepaid rent and credited cash.
5) Debited cash and credited accounts payable.
6) Debited accounts payable and credited cash.
7) Debited dividends and credited cash.
8) Debited rent expense and credited prepaid rent.

For Each of the Following, Identify the Type of Event