Show the effect that each of the following independent transactions has on the elements of the accounting equation.Specify the type of asset, liability or owners' equity account that would be affected. A) Sells $100,000 worth of goods, 60% on credit, the rest for cash
B) Buys $55,000 of goods on account
C) Collects $25,000 owing from customers.
D) Makes $10,000 loan payment
E) Borrows $35,000 from shareholders

Question

Show the effect that each of the following independent transactions has on the elements of the accounting equation.Specify the type of asset, liability or owners' equity account that would be affected.  A) Sells $100,000 worth of goods, 60% on credit, the rest for cash 
B) Buys $55,000 of goods on account 
C) Collects $25,000 owing from customers.
D) Makes $10,000 loan payment 
E) Borrows $35,000 from shareholders

Quizplus · Accepted Answer

The Answer of Show the effect that each of the following independent transactions has on the elements of the accounting equation.Specify the type of asset, liability or owners' equity account that would be affected.  A) Sells $100,000 worth of goods, 60% on credit, the rest for cash 
B) Buys $55,000 of goods on account 
C) Collects $25,000 owing from customers.
D) Makes $10,000 loan payment 
E) Borrows $35,000 from shareholders

Show the Effect That Each of the Following Independent Transactions