acc362 collins computer timeshare company entered into the following transactions du 491792

Collins Computer Timeshare Company entered into the following transactions during May 2014.

1. Purchased computer terminals for $20,000 from Digital Equipment on account.

2. Paid $3,000 cash for May rent on storage space.

3. Received $15,000 cash from customers for contracts billed in April.

4. Provided computer services to Schmidt Construction Company for $2,400 cash.

5. Paid Central States Power Co. $11,000 cash for energy usage in May.

6. Stockholders invested an additional $32,000 in the business.

7. Paid Digital Equipment for the terminals purchased in (1) above.

8. Incurred advertising expense for May of $900 on account.

Instructions

Indicate with the appropriate letter whether each of the transactions above results in:

(a) An increase in assets and a decrease in assets.

(b) An increase in assets and an increase in stockholders’ equity.

(c) An increase in assets and an increase in liabilities.

(d) A decrease in assets and a decrease in stockholders’ equity.

(e) A decrease in assets and a decrease in liabilities.

(f) An increase in liabilities and a decrease in stockholders’ equity.

(g) An increase in stockholders’ equity and a decrease in liabilities.