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Indicate effect each transaction has on the basic equation

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Reference no: EM131817904

Question - Rowand Enterprises had the following selected transactions.

1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock.

2. Paid office rent of $1,100.

3. Performed consulting services and billed a client $5,200.

4. Paid $700 cash dividend.

Instructions

(a) Indicate the effect each transaction has on the basic equation (Assets = Liabilities + Owner's Equity).

(b) Journalize each transaction.

Reference no: EM131817904

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