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Exercise 1-7
Falske Computer Timeshare Company entered into the following transactions during May 2017.
Describe the effect of each transaction on assets, liabilities, and ownerâ€s equity.

1.

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Purchased computers for $20,000 from Digital Equipment on account.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

2.

Paid $4,000 cash for May rent on storage space.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

3.

Received $17,000 cash from customers for contracts billed in April.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

4.

Performed computer services to Viking Construction Company for $4,000 cash.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

5.

Paid Tri-State Power Co. $11,000 cash for energy usage in May.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

6.

Falske invested an additional $29,000 in the business.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

7.

Paid Digital Equipment for the computers purchased in (1) above.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

8.

Incurred advertising expense for May of $1,200 on account.

An increase in assets and a decrease in assetsAn increase in assets and an increase in ownerâ€s equityAn increase in assets and an increase in liabilitiesA decrease in assets and a decrease in ownerâ€s equityA decrease in assets and a decrease in liabilitiesAn increase in liabilities and a decrease in ownerâ€s equityAn increase in ownerâ€s equity and a decrease in liabilities

 
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