Matching Questions 1.For each transaction numbered 1 through 12 below, identify its effect on the accounting equation by selecting from a through h below. You may use each letter more than once or...

Accounting Equation Effects

a.+ A and + L

b.+ A and + SE (Contributed Capital)

c.+ A and + SE (Retained Earnings)

d.? A and ? L

e.? A and ? SE (Contributed Capital)

f.? A and ? SE (Retained Earnings)

g.+ A and ? A

h.Not communicated by the formal accounting system

Effects

Transaction

1.

Purchased computer equipment for cash

2.

Received cash in exchange for the issue of a note payable

3.

Purchased building and land in exchange for a mortgage note payable

4.

Received cash in exchange for the issuance of common stock

5.

Purchased computer supplies on account

6.

Provided computer services to customers for cash

7.

Paid an account payable

8.

Provided computer services to customers on account

9.

Used computer supplies in the regular operations of the business (acquired during a previous accounting period)

10.

Recognize part of the cost of the service potential of the company’s computer

11.

Secured a large contract with Allegheny Company to provide computer services during the forthcoming year

12.

Declared and paid dividends to the owners of common stock