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Effect of events on the accounting equation Olive Enterprises experienced the following events during 2016 1. Acquired cash from the issue of common...
Effect of events on the accounting equation
Olive Enterprises experienced the following events during 2016
1. Acquired cash from the issue of common stock.
2. Paid cash to reduce the principle on a bank note.
3. Sold land for cash at an amount equal to its cost.
4. Provided services to clients for cash.
5. Paid utilities expenses with cash.
6. Paid a cash dividend to the stockholders.
Required Explain how each of the events would affect the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for does not affect under each of the components of the accounting equation.
