module exercise 2 - C lassify accounts For each account,...

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Classify accounts For each account, select asset, liability, or owner’s equity . Cash: asset Accounts payable: liabilities Common stock: owners’ equity Sales revenue: owners’ equity Cost of goods sold: owners’ equity Accounts receivable: assets Equipment: assets Wages expense: owners’ equity Wages payable: liabilities Purchase supplies on account Assets=liabilities+ owner’s equity Increase increase increase Decrease decrease decrease No change no change no change issued common stock for cash Assets=liabilities+ owner’s equity Increase increase increase Decrease decrease decrease No change no change no change 1. Purchase equipment in exchange for a note payable.
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A increase, L increase, O no change 2. Sell equipment for cash A no change L no change O no change 3. Provided services on account A increase L no change O increase Purchase inventory on account. A increase =L increase+ O nochange
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A. Paid cash dividends to owners A decrease= L nochange+ O decrease B. 1 . Issued common stock in exchange for $30,000 Cash Debit $30,000 common stock Credit $30,000 2. earned revenues of $30,000 for which the company received cash
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module exercise 2 - C lassify accounts For each account,...

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