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m/ilm/takeAssignment/takeAssignmentMain.do?invokers assignmentstakeAssignmentSessionLocator assignment-tak eBook ideo calculator Describe a transaction that resulted in the following changes in accounts a. Rent Expense is increased by $1,230, and Cash is decreased by $1,230 b. Advertising Expense is increased by $945, and Accounts Payable is increased by $945 c. Accounts Receivable is increased by $795, and Service Income is increased by $795 d. Cash is decreased by $530, and C. Tryon, Drawing, is increased by $530 e. Equipment is increased by $2,350, Cash is decreased by $865, and Accounts Payable is increased by $1.485, f. Cash is increased by $2,045, and Accounts Receivable is decreased by $2,045

Solution

Answer a.

Rent Expense is increased by $1,230 and Cash is decreased by $1,230:

Cash Payment of Rent Expense

Answer b.

Advertising Expense is increased by $945 and Accounts Payable is increased by $945:

Advertising Expenses on Account

Answer c.

Accounts Receivable is increased by $795 and Service income is increased by $795:

Service performed on account

Answer d.

Cash is decreased by $530 and C. Tryon, Drawing is increased by $530

Amount withdrawn by Tryon for personal use

Answer e.

Equipment is increased by $2,350, Cash is decreased by $865 and Accounts Payable is increased by $1,485:

Purchase of Equipment worth $2,350 by paying $865 in Cash and remainingg amount of $1,485 payable at later date

Answer f.

Cash is increased by $2,045 and Accounts Receivable is decreased by $2,045:

Receipt of Cash from Accounts Receivable