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Selected transactions for Mountain Goats Tree Service are listed below. Describe the effect of each transaction on assets, liabilities, and...
Selected transactions for Mountain Goats Tree Service are listed below. Describe the effect of each transaction on assets, liabilities, and stockholders' equity.
1. Sold common stock for cash to start business.
Increase in assets and increase in stockholders' equity.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and decrease in stockholders' equity.
Decrease in liabilities and decrease in stockholders' equity
Increase in assets and increase in liabilities.
Increase in assets and decrease in assets.
Decrease in assets and decrease in stockholders' equity.
2.Paid for monthly advertising.
Increase in assets and increase in stockholders' equity.
Decrease in assets and decrease in stockholders' equity.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and increase in liabilities.
Increase in assets and decrease in assets.
Increase in assets and decrease in stockholders' equity.
Decrease in liabilities and decrease in stockholders' equity
3.Purchased supplies on account.
Increase in liabilities and decrease in stockholders' equity.
Decrease in liabilities and decrease in stockholders' equity
Increase in assets and decrease in assets.
Increase in assets and decrease in stockholders' equity.
Increase in assets and increase in stockholders' equity.
Decrease in assets and decrease in stockholders' equity.
Increase in assets and increase in liabilities.
4.Billed customers for services performed.
Increase in assets and decrease in assets.
Decrease in liabilities and decrease in stockholders' equity
Decrease in assets and decrease in stockholders' equity.
Increase in assets and increase in stockholders' equity.
Increase in assets and increase in liabilities.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and decrease in stockholders' equity.
5.Paid cash dividends.
Increase in assets and decrease in assets.
Decrease in assets and decrease in stockholders' equity.
Increase in assets and increase in stockholders' equity.
Decrease in liabilities and decrease in stockholders' equity
Increase in assets and increase in liabilities.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and decrease in stockholders' equity.
6.Received cash from customers billed in (4).
Increase in assets and decrease in assets.
Decrease in assets and decrease in stockholders' equity.
Increase in assets and decrease in stockholders' equity.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and increase in liabilities.
Decrease in liabilities and decrease in stockholders' equity
Increase in assets and increase in stockholders' equity.
7.Incurred utilities expense on account.
Increase in assets and decrease in assets.
Increase in assets and increase in liabilities.
Decrease in liabilities and decrease in stockholders' equity
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and decrease in stockholders' equity.
Decrease in assets and decrease in stockholders' equity.
Increase in assets and increase in stockholders' equity.
8.Purchased additional supplies for cash.
Decrease in liabilities and decrease in stockholders' equity
Increase in assets and decrease in stockholders' equity.
Increase in assets and increase in liabilities.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and increase in stockholders' equity.
Increase in assets and decrease in assets.
Decrease in assets and decrease in stockholders' equity.
9.Received cash from customers when service was performed.
Decrease in liabilities and decrease in stockholders' equity
Increase in assets and decrease in stockholders' equity.
Increase in assets and increase in liabilities.
Increase in liabilities and decrease in stockholders' equity.
Increase in assets and increase in stockholders' equity.
Increase in assets and decrease in assets.
Decrease in assets and decrease in stockholders' equity.
