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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
I need help with Principles of Accounting | ACC201 A03 M1: Assignment 3. Â Â Â Â Â Â Â Â Â Â
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Requirement
1.
Indicate the effects of the following business transactions on the accounting equation of a Flickster Video store. Transaction​ (a) is answered as a guide. ​(Complete all answer​ boxes.)
a. Received cash of​ $10,000 and the owner received capital.
Assets
=
Liabilities
+
Owner's Equity
Â
Â
Accounts
Â
Â
Â
Office
Â
Â
Â
Accounts
Â
Â
Cash
+
receivable
+
Supplies
+
furniture
+
Land
=
payable
+
Capital
Increase
No effect
No effect
No effect
No effect
No effect
Increase
b. Earned video rental revenue on​ account, $1,200.
Assets
=
Liabilities
+
Owner's Equity
Â
Â
Accounts
Â
Â
Â
Office
Â
Â
Â
Accounts
Â
Â
Cash
+
receivable
+
Supplies
+
furniture
+
Land
=
payable
+
Capital
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