Interstate delivery service is owned and operated by katie

Asked by maham237 @ 06/01/2021 in Business viewed by 316 People

Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May:Indicate the effect of each transaction on the following accounting equation elements (Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows:(1) Asset (Cash) increases by $18,000; Common Stock increases by $18,000. Element Item Direction1. Received cash in exchange for common stock, $18,000. Asset Cash Increases Common Stock Increases2. Paid advertising expense, $4,850. 3. Purchased supplies on account, $2,100. 4. Billed customers for delivery services on account, $14,700. 5. Received cash from customers on account, $8,200.

Answered by maham237 @ 06/01/2021

Answer and Explanation:

The indication and effect of each transaction are as follows

Particulars Element Item Direction

1. Received cash in exchange

for common stock, $18,000. Asset Cash Increases

Common Stock Increases

It increased both assets and the common stock

2. Paid advertising expense,

$4,850. Expense Advertising Expense Increases

Asset Cash Decreases

It increased the expenses and reduced the assets

3. Purchased supplies on account,

$2,100. Asset Supplies Increases

Liability Accounts Payable Increases

It increased the assets and also increased the liabilities

4. Billed customers for delivery

services on account, $14,700. Asset Accounts Receivable Increases

Revenue Delivery Service Fees Increases

It increased the assets and the revenue is also increased

5. Received cash from

customers on account, $8,200. Asset Cash Increases

Asset Accounts Receivable Decreases

It increased the assets in cash but it reduced the assets i.e account receivable

Take any three non-collinear points a b c and draw triangle a,b,c. through each vertex of the triangle draw a line parallel to the opposite side using ruler and compass

Asked by wiki @ 15/11/2022 in Mathematics viewed by 1476 persons

What is the topic of the info grapher

Asked by jesus643 @ 04/11/2022 in History viewed by 1374 persons

Elephant kills 11 in nepal , woman rescued from a friendly dolphine

Asked by kavin044 @ 19/10/2022 in English viewed by 1249 persons

What is the central idea of this excerpt? the goatherd wants the wild goats to join his herd. the bad weather keeps all the goats in their enclosure. the goatherd gives his own goats just enough food to survive. the wild goats leave because the goatherd mistreats his own goats.

Asked by nevaeh10 @ 17/10/2022 in English viewed by 1576 persons

What is the subject complement in the sentence ‘a long walk up the hill made us tired '

Asked by dog3636R @ 14/10/2022 in English viewed by 1324 persons

Foolproof module 9 test answers

Asked by maham237 @ 31/12/2020 in Business viewed by 3323 persons

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2743 persons

Interstate delivery service is owned and operated by katie

Similar Questions

How many functions are there in service operation stage

What type of services are provided by an operating system

Operations management is applicable mostly to the service sector

Strategies for effective service delivery through intermediaries

Define poor service delivery and describe the human rights violation

Overcoming fixed mindset: a step-by-step guide to cultivating a growth mindset

Which of the following would best complete this list?

What had the king decided to do before he saw the spider

Describe the karez in your own words

What is 8 + (x + 5)?

Take any three non-collinear points a b c and draw triangle a,b,c. through each vertex of the triangle draw a line parallel to the opposite side using ruler and compass

What is the topic of the info grapher

Elephant kills 11 in nepal , woman rescued from a friendly dolphine

What is the central idea of this excerpt? the goatherd wants the wild goats to join his herd. the bad weather keeps all the goats in their enclosure. the goatherd gives his own goats just enough food to survive. the wild goats leave because the goatherd mistreats his own goats.

What is the subject complement in the sentence ‘a long walk up the hill made us tired '

Most viewed questions in Business

Foolproof module 9 test answers

Interest rates are expressed as a percentage of

How to enhance knowledge regarding environmental factors through capsim?

Match the job titles with the career clusters.

A company that allows you to license software

Lupe is ready to open a checking account

Mays and mccovey are beer brewing companies

What must be marked on ready to eat bags phfs

Coq six sigma

Henry ford was the first entrepreneur to implement which strategy

Your company was recently served with a lawsuit

Case study starting a business project schedules and curves edgenuity

Which two of the four cs of credit have to do with earning potential and available cash?

The total annual expenditures on advertising in the united states