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Analyze the Following Transactions as to Their Effect on the Accounting

Question 216

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Analyze the following transactions as to their effect on the accounting equation.

Premises:
The company collected $730 of cash from its customers on account.
The company paid $315 in salaries to its employees.
The company paid $725 to a vendor for supplies purchased previously on account.
The company received a utility bill for $395 and will pay it next month.
The stockholder of the company received a cash dividend of $1,000.
The company performed $850 of services and billed the customer.
Responses:
Expense, dr.; Assets, cr.
Expense, dr.; Liability, cr.
Equity, dr.; Asset, cr.
Liability, dr.; Assets, cr.
Asset, dr.; Liability, cr.
Asset, dr.; Revenue, cr.
Asset, dr.; Asset, cr.
Liability, dr.; Revenue, cr.

Correct Answer:

Expense, dr.; Assets, cr.
Expense, dr.; Liability, cr.
Equity, dr.; Asset, cr.
Liability, dr.; Assets, cr.
Asset, dr.; Liability, cr.
Asset, dr.; Revenue, cr.
Asset, dr.; Asset, cr.
Liability, dr.; Revenue, cr.
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