Indicate the effects on the accounting equation of the following business transactions of Garland Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide.
a) Received cash from Trent Garland issued common stock to him.
b) Collected cash on accounts receivable (created 20 days earlier).
c) Purchased office supplies on account.
d) Paid cash for the current month's electric bill.

Question

Indicate the effects on the accounting equation of the following business transactions of Garland Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide.
a) Received cash from Trent Garland issued common stock to him.
b) 	Collected cash on accounts receivable (created 20 days earlier).
c) 	Purchased office supplies on account.
d) 	Paid cash for the current month's electric bill.

Quizplus · Accepted Answer

The Answer of Indicate the effects on the accounting equation of the following business transactions of Garland Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide.
a) Received cash from Trent Garland issued common stock to him.
b) 	Collected cash on accounts receivable (created 20 days earlier).
c) 	Purchased office supplies on account.
d) 	Paid cash for the current month's electric bill.

Indicate the Effects on the Accounting Equation of the Following