Business, 15.02.2021 21:00 KieraKimball

Debit and Credit Effects of Transactions Lincoln Corporation was involved in the following transactions during the current year:
Lincoln borrowed cash from the local bank on a note payable.
Lincoln purchased operating assets on credit. Lincoln paid dividends in cash.
Lincoln purchased supplies inventory on credit.
Lincoln used a portion of the supplies purchased in Transaction d.
Lincoln provided services in exchange for cash from the customer.
A customer received services from Lincoln on credit.
The owners invested cash in the business in exchange for common stock.
The payable from Transaction d was paid in full.
The receivable from Transaction g was collected in full.
Lincoln paid wages in cash.
Indicate the effect on assets, liabilities and stockholders equity.

Answers: 2

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Answers

Answer from: bbahena46

Solution :

Stock holder's equity

Assets = Liabilities + Contributed Capital Retained earnings

a. Increase Increase

(debit) (credit)

b. Increase Increase

(debit) (credit)

c. Decrease Decrease

(credit) (debit)

d. Increase Increase

(debit) (credit)

e. Decrease Decrease

(credit) (debit)

f. Increase Increase

(debit) (Credit)

g. Increase Increase

(debit) (Credit)

h. Increase Increase

( debit) (credit)

i. Decrease Decrease

(Credit) (debit)

j. Increase/Decrease

(debit)/(credit)

k. Decrease Decrease

(credit) (debit)

Answer from: Quest

This question seems like it should be quite hard although it reall just wants you to subtract.92-8.7=83.3

Answer from: Quest

Answer growing internally through direct expansion or creating new businesses;

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Debit and Credit Effects of Transactions Lincoln Corporation was involved in the following transact...

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