Question:
Determining the Accounting Equation Effects of Transactions [LO 5-3] La-Z-Boy Incorporated is a furniture manufacturer. Listed here are typical aggregate transactions from the first quarter of a recent year (in millions). Complete the following table, indicating the sign (+ for increase, ? for decrease) and amount of the effect of each transaction. Consider each item independently. (Leave cell blank if there is no effect.)
a. Repaid $15 on a long-term note payable to a bank. (Interest was paid separately.)
b. Recorded collections of cash from customers who owed $42.