Reference no: EM13495959

1) Show the effect on the accounting equation of the following events for the APRIL Company.

Example: Investors purchased common stock in APRIL for $1,000 cash.Answer: Assets increased Owners' Equity increased

a) APRIL borrowed $8,000 from the bank on a note.b) APRIL purchased a desk and two chairs for $1,500 cash.c) APRIL purchased supplies on account for $700.d)APRIL provided services to others for $7,200 cash.e) APRIL provided services to others for $2,300 on account.f) APRIL paid $280 cash for a newspaper ad.g) APRIL collected $600 of the money it was owed due to the services provided in e.h) APRIL paid off $300 of its supplies account created in c.i) APRIL paid its utility bill in the amount of $400 cash.j) APRIL paid a dividend to its investors in the amount of $500 cash.k) APRIL paid off half of its bank note from (a) by giving the bank $4,000 of common stock.