transactions\n1. sold services on account to bethany center\n2. received cash from sales.\n3. received cash…

transactions\n1. sold services on account to bethany center\n2. received cash from sales.\n3. received cash on account from bethany center\n4. owner withdrew equity in the form of cash\n5. paid cash for rent.\nfor each of the following transactions, determine the two accounts in the accounting equation that are changed. decide whether each account is increased or decreased. enter a plus sign (+) in the column if the account is increased. enter a minus sign (-) in the column if the account is decreased. both a plus sign (+) and a minus sign (-) can be entered, if necessary.\ntrans. no. assets = liabilities + owners equity\ncash + accounts receivable - bethany center + supplies + prepaid insurance = accounts payable - mcgrew supplies + bryan arnett, capital

transactions\n1. sold services on account to bethany center\n2. received cash from sales.\n3. received cash on account from bethany center\n4. owner withdrew equity in the form of cash\n5. paid cash for rent.\nfor each of the following transactions, determine the two accounts in the accounting equation that are changed. decide whether each account is increased or decreased. enter a plus sign (+) in the column if the account is increased. enter a minus sign (-) in the column if the account is decreased. both a plus sign (+) and a minus sign (-) can be entered, if necessary.\ntrans. no. assets = liabilities + owners equity\ncash + accounts receivable - bethany center + supplies + prepaid insurance = accounts payable - mcgrew supplies + bryan arnett, capital

Answer

Explanation:

Step1: Analyze transaction 1

Sold services on account. Accounts Receivable - Bethany Center increases (+), and Owner's Equity (Bryan Arnett, Capital) increases (+) as revenue is earned.

Step2: Analyze transaction 2

Received cash from sales. Cash increases (+), and Owner's Equity (Bryan Arnett, Capital) increases (+) as revenue is earned.

Step3: Analyze transaction 3

Received cash on account from Bethany Center. Cash increases (+), and Accounts Receivable - Bethany Center decreases (-).

Step4: Analyze transaction 4

Owner withdrew equity in cash. Cash decreases (-), and Owner's Equity (Bryan Arnett, Capital) decreases (-).

Step5: Analyze transaction 5

Paid cash for rent. Cash decreases (-), and Owner's Equity (Bryan Arnett, Capital) decreases (-) as an expense is incurred.

Answer:

Trans. No. Cash Accounts Receivable - Bethany Center Supplies Prepaid Insurance Accounts Payable - McGrew Supplies Owner's Equity (Bryan Arnett, Capital)
1 + +
2 + +
3 + -
4 - -
5 - -