Posted by MiMi on Sunday, January 13, 2008 at 5:19pm.
The following selected transactions were completed by Pilgrim Delivery Service during July:
1. Received cash from issuing capital stock, $115,000
2. received cash for providing delivery service, $58,000
3. Paid advertising expense, $2,000
4. Paid creditors on account, $4,800
5. Billed customers for delivery services on account, $31,250
6. Purchased supplies for cash, $800
7. Paid rent for July, $3,000
8. Received cash from customers on account, $10,740
9. determined that the cost of supplies on hand was $135; therefore, $665 of supplies had been used during the month.
10. Paid dividends, $1500
Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, and insert at the right of each number the appropriate letter from the following list:
a) Increase in an asset, decrease in another asset
b) Increase in an asset, increase in a liability
c) Increase in an asset, increase in stockholders’ equity
d) Decrease in an asset, decrease in a liability
e) Decrease in an asset, decrease in stockholders’ equity
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