Case study juniper delivery service

Assignment Help Accounting Basics

Reference no: EM13257380

Juniper Delivery Service had the following selected transactions during May:

1. Received cash from issuance of capital stock, $50,000.

2. Received cash for providing delivery services, $18,000

3. Paid advertising expense,$1,000.

4. Billed customers for delivery services, $35,000.

5. Purchased supplies for cash,$2,100.

6. Paid creditors, $2,000.

7. Paid rent for May, $2,000.

8. Received cash from customers on account, $16,700.

9. Determined that the cost of supplies on hand was $1,200; therefore, $900 of supplies had been used during the month.

10. Paid dividends, $1,500.

Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a vertical column, and inserting at the right of each number the appropriate letter from the following list:

a. Increase in an asset, decrease in another asset.

b. Increase in an asset, increasein a liability.

c. Increase in an asset, increase in stockholders' equity.

d. Decrease in an asset, decreasein a liability

e. Decrease in an asset, decrease in a stockholders' equity.

Reference no: EM13257380

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