indicate the effect of each transaction on the accounting equation elements assets l 551111
PE 1-3A Transactions
Queens Delivery Service is owned and operated by Lisa Dewar. The following selected transactions were completed by Queens Delivery Service during June:
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indicate the effect of each transaction on the accounting equation elements assets l 551111
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1. Received cash from owner as additional investment, $18,000.
2. Paid creditors on account, $1,800.
3. Billed customers for delivery services on account, $12,500.
4. Received cash from customers on account, $6,900.
5. Paid cash to owner for personal use, $4,000.
Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner’s Equity, Drawing, Revenue, and Expense). Also, indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) is shown below.
(1) Asset (Cash) increases by $18,000; Owner’s Equity (Lisa Dewar, Capital) increases by $18,000.
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