Using headings of assets liabilities owners equity

Reference no: EM13481518

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 net income should ( not ) be shown as affecting owner sequity.

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.

Reference no: EM13481518

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