Selected transactions for Spring-Green Lawn Care Company are listed below.
1. Sold ordin...
Business, 06.05.2020 06:06, djtblaster
Selected transactions for Spring-Green Lawn Care Company are listed below.
1. Sold ordinary shares for cash to start a business.
2.Paid monthly rent.
3.Purchased equipment on account.
4. Billed customers for services performed.
5.Paid dividends.
6. Received cash from customers hilled in (4).
7.Incurred advertising expense on the account.
8.Purchased additional equipment for cash.
9. Received cash from customers when service was performed.
Instructions:
List the numbers of the above transactions and describe the effect of each of the transaction on assets, liabilities, and Equity. For example, the first answer is (1) increase in assets and an increase in equity.
Accounting Equation
1. Assets are those company's own resources for its own use
2. Liabilities are those company owing to its creditors and suppliers
3. Owner's Equity is the residual interest in the assets after deducting the company's liabilities.
Answers: 3
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