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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and "-" for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column.
| Â | Â | A | L | OE |
| (a) | Received cash from owner as an additional investment | _____ | _____ | _____ |
| (b) | Purchased supplies on account | _____ | _____ | _____ |
| (c) | Paid rent for the current month | _____ | _____ | _____ |
| (d) | Received cash for services sold to customers | _____ | _____ | _____ |
| (e) | Returned some defective supplies purchased in (b) | _____ | _____ | _____ |
| (f) | Paid insurance premiums in advance | _____ | _____ | _____ |
| (g) | Paid cash to creditor for purchases in (b) | _____ | _____ | _____ |
| (h) | Charged customers for services sold on account | _____ | _____ | _____ |
| (i) | Paid cash to a customer as a refund for an overcharge | _____ | _____ | _____ |
| (j) | Received cash on account from customers | _____ | _____ | _____ |
| (k) | Owner withdrew cash for personal use | _____ | _____ | _____ |
| (l) | Recorded the cost of supplies used during the year | _____ | _____ | _____ |
| (m) | Received invoice for electricity used | _____ | _____ | _____ |
| (n) | Paid wages | _____ | _____ | _____ |
| (o) | Purchased a truck for cash | _____ | _____ | _____ |
| Â | Â | Â | Â | Â |
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