acct229 at Texas A&M

8. The Effect of Journal Entries

in Chapter 3 (Problem 8 of 9)
Transaction Effect 1 Effect 2
14 Provided services and received cash Increase an Asset Increase Revenue
15 Provided services on account Increase an Asset Increase Revenue
16 Received payment from customers on account Increase an Asset Decrease an Asset
17 Received payment in advance from customers Increase an Asset Increase a Liability
18 Paid wages earned this week Increase an Expense Decrease an Asset
19 Paid 6 month’s rent in advance Increase an Asset Decrease an Asset
20 Borrowed cash from the bank and signed a note Increase an Asset Increase a Liability
21 Loaned cash to employee who signed a note Increase an Asset Decrease an Asset
22 Purchased equipment with cash Increase an Asset Decrease an Asset
23 Purchases supplies on account Increase an Asset Increase a Liability
24 Received cash and issued stock Increase an Asset Increase Stockholders' Equity
25 Paid for supplies bought earlier on account Decrease an Asset Decrease a Liability
26 Paid dividends to stockholders Decrease an Asset Decrease Stockholders' Equity
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