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    For each transaction, give the effect on the accounts in terms of increase, decrease

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    Problem attached.

    For each transaction, give the effect on the accounts, using the format in the example.

    Listed below are six transactions engaged in by a services company. For each transaction, give the effect on the accounts, using the format in the example.

    Example: Bought equipment for cash

    Increase Equipment
    Decrease Cash

    Note: do not use debits and credits in your answer, just increase and decrease. Consistency in format will make the grading easier.

    1. Billed customer A for work performed.
    2. Borrowed money from the bank on a short-term note.
    3. Received payment from customer B for work to be performed later.
    4. Received a bill for current period's electricity usage.
    5. Purchased office supplies on credit.
    6. Received payment from customer A.

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    https://brainmass.com/business/accounting/for-each-transaction-give-the-effect-on-the-accounts-in-terms-of-increase-decrease-24662

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    1. Billed customer A for work performed.
    Increase Services Revenue
    Increase Account Receivable

    2. Borrowed money from the bank on a short-term note.
    ...

    Solution Summary

    The solution shows the transactions and their effect to various accounts - whether increase or decrease in the account.

    $2.49

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