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Calculator Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

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Accounting

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Calculator Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: Indicate the effect of each transaction on the following accounting equation elements (Assets, Liabilities, Common Stock, Dividends, Revenue, and expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $18,000; Common Stock increases by $18,000. Element Direction 1. Received cash in exchange for common stock, $18,000. Asset Cash Common Stock Item Increases Increases 2. Paid advertising expense, $4,850. Liability Increases Accounts Payable Accounts Payable Asset Increases 3. Purchased supplies on account, $2,100. Expense Decreases Supplies Accounts Payable Expense Increases 4. Billed customers for delivery services on account, $14,700. Increases Expense Expense Accounts Receivable Delivery Service Fees Increases 5. Received cash from customers on account, $8,200. Asset Cash Increases Asset Accounts Receivable Increases ning: 0:05:16 All work saved. Submit Assignment for Grading

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