DEBIT AND CREDIT EFFECTS OF TRANSACTIONS

DEBIT AND CREDIT EFFECTS OF TRANSACTIONS

Lincoln Corporation was involved in the following transactions during the current year:
a. The owners invested cash in the business in exchange for common stock.
b. Lincoln borrowed cash from the local bank on a note payable.
c. Lincoln purchased operating assets on credit.
d. Lincoln purchased supplies inventory on credit.
e. Lincoln provided services in exchange for cash from the customer.
f. A customer secured services from Lincoln on credit.
g. The payable from transaction d was paid in full.
h. The receivable from transaction f was collected in full.
i. Lincoln paid wages in cash.
j. Lincoln used a portion of the supplies purchased in transaction d.
k. Lincoln paid dividends in cash.
DEBIT AND CREDIT EFFECTS OF TRANSACTIONS