B-01.03 Problem

B-01.03 Problem - (e) Paid an electric bill received in a...

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B-01.03 Indicate the impact (increase/decrease/no change) for each of the following transactions on total assets, liabilities, and owners' equity. The first one is done as an example on the blank worksheet. (a) Paid the current month's rent. (b) Provided services to customers for cash. (c) Provided services to customers on account. (d) Recorded receipt of an electric bill to be paid next month.
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Unformatted text preview: (e) Paid an electric bill received in a prior month. (f) Purchased land for cash. (g) Purchased equipment in exchange for a note payable (loan). (h) Collected a previously recorded account receivable. (i) Purchased a building by paying 20% in cash and agreeing to pay the remainder over future years. (j) Declared and paid a dividend to shareholders....
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