Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 343

Accounting Terminology

Chapter 14

Transactions

Instructions:

Decide which accounts in the accounting equation are changed by each of the following transactions.

Place a plus (+) in the appropriate column if the account is increased. Place a minus (-) in the appropriate

column if the account is decreased. Transaction 1 has been done for you.

Transactions

Student Assignment

1. Received cash from owner, Whitney Newhouse, as an investment, $3,000.00.


2. Received cash from sales, $450.00.


3. Paid cash for telephone bill, $85.00.


4. Paid cash to owner for personal use, $350.00.


5. Paid cash for supplies, $200.00.


6. Paid cash for rent, $850.00.


7. Sold service on account to Lisa Cook, $525.00.


8. Paid cash for equipment repairs, $120.00.


9. Bought supplies on account from Allen Company, $340.00.


10. Paid cash for insurance, $215.00.


11. Received cash on account from Lisa Cook, $495.00.


12. Paid cash on account to Allen Company, $200.00.

14.1.3