Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 7

Effects of Transactions on the Accounting Equation
A number of transactions of Claypool Construction are described below in terms of accounts debited and credited:
1.ebit Wages Expense; credit Wages Payable.
2.ebit Accounts Receivable; credit Construction Revenue.
3.ebit Dividends; credit Cash.
4.ebit Office Supplies; credit Accounts Payable.
5.ebit Repairs Expense; credit Cash.
6.ebit Cash; credit Accounts Receivable.
7.ebit Tools and Equipment; credit Cash and Notes Payable.
8.ebit Accounts Payable; credit Cash.
a.ndicate the effects of each transaction upon the elements of the income statement and the balance sheet.se the code letters I for increase, D for decrease, and NE for no effect.rganize your answer in tabular form using the column headings shown below.he answer for transaction 1 is provided as an example.

b.rite a one-sentence description of each transaction.