Using headings of ( assets, liabilities, Owners equity, netincome), show the affect if any from the transactions below.Indicate whether its it is an addition or subtraction. Any netincome should ( not ) be shown as affecting ownersequity.
here's the info:
1) The firm borrowed $2,000, a short term note wassigned.
2) Inventory was purchased for $750.00, only $200.00 was paid,balance in 30 days.
3) Wages was accrued at the end of the month of $1,000.
4) Sold merchandise that cost $350.00, for $450.00 incash.
5) Paid this month's rent of $700.00.
6) Revenues recieved $2,000 for services, of $6500.00, balancein 30 days.
7) During the month, supplies were purchased at a costof $520.00, and debited into supplies (assets) account, A total of$400.00 of supplies were used for the month.
8) Interest of $240.00 has been earned on a note receivable,but has not yet been recieved.