For each of the following events, indicate the amount by which liabilities increased or decreased.
a)Owner invested cash of $20,000 and equipment valued at $10,500 into the business.
b)Purchased $600 of supplies on account.
c)Borrowed $10,000 from the bank, issuing a note payable.
d)Performed a service for $1,500 and immediately collected the cash.
e)Paid the employee salaries of $1,200 cash.
f)Purchased equipment for $550 cash.
g)Received monthly rent bill of $1,300, to be paid in the following period.
h)Performed a service on account for $2,300.

Question

Quizplus · Accepted Answer

The Answer of For each of the following events, indicate the amount by which liabilities increased or decreased.
a)Owner invested cash of $20,000 and equipment valued at $10,500 into the business.
b)Purchased $600 of supplies on account.
c)Borrowed $10,000 from the bank, issuing a note payable.
d)Performed a service for $1,500 and immediately collected the cash.
e)Paid the employee salaries of $1,200 cash.
f)Purchased equipment for $550 cash.
g)Received monthly rent bill of $1,300, to be paid in the following period.
h)Performed a service on account for $2,300.

For Each of the Following Events, Indicate the Amount by Which