EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions…

EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost of supplies on hand was $135; therefore, $665 of sup- plies had been used during the month 10. Paid cash to owner for personal use, $1,000 C Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a vertical column, and in- serting at the right of each number the appropriate letter from the following list a. Increase in an asset, decrease in another asset b. Increase in an asset, increase in a liability c. Increase in an asset, increase in owner’s equity d. Decrease in an asset, decrease in a liability e. Decrease in an asset, decrease in owner’s equity

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