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.

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)

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