Question

The given transactions were completed by Juliet's Delivery Services during May 2019. Indicate the effects of...

The given transactions were completed by Juliet's Delivery Services during May 2019. Indicate the effects of each transaction by placing the appropriate letter in the space provided.

Letter Result
A Increase in asset, decrease in another asset
B Increase in asset, increase in liability
C Increase in asset, increase in owner's equity
D Decrease in asset, decrease in liability
E Decrease in asset, decrease in owner's equity
Response Transaction
Received cash for providing delivery services.
Paid amount owing that was outstanding to a creditor.
Owner invested additional cash in the business.
Paid advertising expense with cash.
Billed customers for delivery services on account.
Purchased office furniture on account.
Paid rent for the month.
Received cash from customers on account.
Received cash in advance for services to be provided in the next month.
Owner withdrew cash for personal use.
Business   Accounting   
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Homework Answers

Answer #1
Response Transaction
Received cash for providing delivery services. Increase assets, increase equity
Paid amount owing that was outstanding to a creditor. Decrease asset, decrease liabilities
Owner invested additional cash in the business. Increase asset, Increase equity
Paid advertising expense with cash. Decrease asset, decrease equity
Billed customers for delivery services on account. Increase asset, Increase equity
Purchased office furniture on account. Increase asset increase liabilities
Paid rent for the month. Decrease asset, decrease equity
Received cash from customers on account. Increase asset, decrease assets
Received cash in advance for services to be provided in the next month. Increase asset, Increase liabilities
Owner withdrew cash for personal use. Decrease asset, Decrease equity
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