Indicate the effects on the accounting equation of the following business transactions of Pilgrim Service Company for b)to d)below.The company is a sole proprietorship.Use proper account titles.Transaction a)is answered as a guide.
a)Maxwell Jones,the sole proprietor,contributed cash to the business in exchange for capital.
b) Received cash from a customer on accounts receivable.
c) Maxwell Jones withdrew cash from the business for personal use.
d) Paid cash on accounts payable.

Question

Indicate the effects on the accounting equation of the following business transactions of Pilgrim Service Company for b)to d)below.The company is a sole proprietorship.Use proper account titles.Transaction a)is answered as a guide.
a)Maxwell Jones,the sole proprietor,contributed cash to the business in exchange for capital.
b)	Received cash from a customer on accounts receivable.
c)	Maxwell Jones withdrew cash from the business for personal use.
d)	Paid cash on accounts payable.

Quizplus · Accepted Answer

The Answer of Indicate the effects on the accounting equation of the following business transactions of Pilgrim Service Company for b)to d)below.The company is a sole proprietorship.Use proper account titles.Transaction a)is answered as a guide.
a)Maxwell Jones,the sole proprietor,contributed cash to the business in exchange for capital.
b)	Received cash from a customer on accounts receivable.
c)	Maxwell Jones withdrew cash from the business for personal use.
d)	Paid cash on accounts payable.

Indicate the Effects on the Accounting Equation of the Following