EXERCISES-Chapter 1-2-3-4

B c d e f g increases an asset and increases a

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Unformatted text preview: s. Then use additions and subtractions to show the effects of the transactions a. b. c. d. e. f. g. Increases an asset and increases a liability Decreases a liability and increases a liability Decreases an asset and decreases a liability Increases an asset and decreases an asset Increases a liability and decreases equity Increases an asset and increases equity Decreases an asset and decreases equity on individual items of the accounting equation. Show new balances after each transaction. CHAPTER 2 – ANALYSING TRANSACTIONS CHAPTER 2 – ANALYSING The following is a list of accounts and identification letters A through J for Shannon Management Co.: a. b. c. Shannon, Capital Interest Payable Land d. e. Shanoon, Withdrawals Fees Earned f g Prepaid Rent Advertising Expense h i. j. Unearned Revenue Commissions Earned Notes Receivable Use the form below to identify the type of account and its normal balance. The first item is filled in as an example. CHAPTER 2 – ANALYSING Josephine's Bakery had the following assets and liabilities at the beginning and end of t...
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