Increase = I Decrease = D No effect = N
| Date | Assets | Liabilities | Equity |
| Example: | |||
| April 1 | I | N | I |
247) For each of the following transactions, identify the effects as reflected in the accounting equation. Use "+" to indicate an increase and "-" to indicate a decrease. Use "A", "L", and "E" to indicate assets, liabilities, and equity, respectively. Part A has been completed as an example.
| a. |
L. Chester invested $100,000 in a sole proprietorship | __+A___ |
__+E___ |
||
| b. |
Land was purchased for $50,000. A down payment of $15,000 cash was made and a note was signed for the balance. |
________ |
________ |
||
| c. |
Services were rendered to customers for cash. | ________ |
________ |
||
| d. | A building was purchased for cash. | ________ | ________ | ||
| e. | Supplies were purchased for cash. | ________ | ________ | ||
| f. | Paid the office secretary's salary. | ________ | ________ | ||
| g. |
The amount owed on the land from Part (b) was paid. | ________ |
________ |