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Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery during August: 3. Billed customers for delivery services

Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery during August:

3. Billed customers for delivery services on account, $22,400.

 

Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows:

(1) Asset (Cash) increases by $25,000;

Common Stock increases by $25,000.

 

Here is a tip:

The accounting equation can be expanded into:

 

Assets=Liabilities+Common\:Stock+Revenue-Expenses

                  -\:Dividends

Jul 02 2021 View more View Less

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