Indicate the effects on the accounting equation of the following business transactions of Smith Service Corporation for b)to d)below.Use proper account titles.Transaction a)is answered as a guide.
a)Received cash from Don Jones; issued common stock to him.
b) Purchased equipment; signed a note payable.
c) Performed services for a customer on account.
d) At the end of the first month, paid office rent.

Question

Indicate the effects on the accounting equation of the following business transactions of Smith Service Corporation for b)to d)below.Use proper account titles.Transaction a)is answered as a guide.
a)Received cash from Don Jones; issued common stock to him.
b) 	Purchased equipment; signed a note payable.
c) 	Performed services for a customer on account.
d) 	At the end of the first month, paid office rent.

Quizplus · Accepted Answer

The Answer of Indicate the effects on the accounting equation of the following business transactions of Smith Service Corporation for b)to d)below.Use proper account titles.Transaction a)is answered as a guide.
a)Received cash from Don Jones; issued common stock to him.
b) 	Purchased equipment; signed a note payable.
c) 	Performed services for a customer on account.
d) 	At the end of the first month, paid office rent.

Indicate the Effects on the Accounting Equation of the Following