Business, 16.06.2020 16:57 gatornathan79

Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, $18,000.
2. Paid advertising expense, $4,850.
3. Purchased supplies on account, $2,100.
4. Billed customers for delivery services on account, $14, 700.
5. Received cash from customers on account. $8,200.

Indicate the effect of each transaction on the following accounting equation elements (Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows:

(1) Asset (Cash) increases by $18,000; Common Stock increases by $18,000.

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Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions...

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