Part 3: Effect of the transaction on accounting equation. Indicate the effect of each transaction on the accounting equation. Write the appropriate letter before each item using the following list: 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. The following selected transactions were completed by JNT Deliver Service during August 2021

1. Received cash for providing delivery services in Dapitan City, P12,150.00.

2. Paid creditor on account, P25,000.00

3. Received cash from owner as additional investment, P75,000.00

4. Paid advertising expense, P625.00

5. Billed customers for delivery services on account, P6,900.00

6. Purchased supplies for cash P750.00

7. Paid rent for August 2021, P2,500.00

8. Received cash from customers on account. P3.180.00.

9. Determined that the cost of supplies on hand was P180.00, therefore, P570.00 worth of supplies had been used during the month.

10. Paid cash to owner for personal use, P2,500.00

Question

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Marjovhelagbisitgo Marjovhelagbisitgo · Answer 1

Answer:

1. Received cash from owner as additional investment, $25,000.

2. Purchased supplies for cash, $750.

3. Paid rent for February, $3,000.

4. Paid advertising expense, $1,500

5. Received cash for providing delivery services, $16,800.

6. Billed customers for delivery services on account, $32,500

7. Paid creditors on account, $1,400.

8. Received cash from customers on account, $23,770.

9. Determined that the cost of supplies on hand was $275 and $475 of supplies had been used during the month.

Explanation:

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