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Selected Transactions for Mac's Garage Are Shown Below

Question 112

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Selected transactions for Mac's Garage are shown below. State the effect in dollars on the accounting equation of each transaction.
a)George McGuire invests $4,000 cash into a business known as Mac's Garage.
b)George purchases supplies on account for $300.
c)George purchases a new welder for $1,500 cash.
d)George receives the garage's telephone bill amounting to $100 to be paid next month.
e)George withdraws $200 cash for personal use.
f)Garage revenue for the current period amounts to $2,500. (All revenue transactions involved cash.)  Item  Assets  Liabilities  Owner’s  Equity  a)  b)  c)  d)  e)  f)  Totals \begin{array} { | l | l | l | l | } \hline \text { Item } & \text { Assets } & \text { Liabilities } & \begin{array} { c } \text { Owner's } \\\text { Equity }\end{array} \\\hline \text { a) } & & & \\\hline \text { b) } & & & \\\hline \text { c) } & & & \\\hline \text { d) } & & & \\\hline \text { e) } & & & \\\hline \text { f) } & & & \\\hline \text { Totals } & & & \\\hline\end{array}

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