Chapter 1- Exercises

Chapter 1- Exercises - Exercises E 2-1 Taka Company had the...

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Exercises E 2-1 Taka Company had the following transactions during February 2007. Assets Liabilities OE 1. P Purchased office supplies by paying c cash Increase and decrease by the same amount 2. Purchased inventory on account. Increase Increase 3. Paid the utilities bill. Decrease Decrease 4. The owner withdrew money from business for personal use. Decrease Decrease 5. Bought a building. Paid half of the price in cash and the balance as note payable. Increase and decrease Increase by the difference 6. Received cash from one of the clients who owed to the company. Increase and decrease by the same amount 7. Paid salary to the staff. Decrease Decrease 8. Earned service revenue on account. Increase Increase 9. Lost equipment in fire. Decrease Decrease E 2-2 Show the effect of the following transactions on assets The owner invests cash in business Increase Business purchases equipment on credit Increase Business pays off a note to the bank Decrease Business pays current month’s rent Decrease
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Chapter 1- Exercises - Exercises E 2-1 Taka Company had the...

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