Write out each transaction in accounting equation format showing account titles and amounts and then determine the effect (if any) of that transaction on the income statement. Choose the letter that matches your analysis from the table provided.

You may use letters more than once or not at all. TYPE JUST THE LETTER IN THE ANSWER BOX.

Note that "no transaction" means NO transaction needs to be recorded.
Choice B: If one asset increases and another decreases by the same amount, that is B, not J. The order of the + and minus does not matter.

Assets

Liabilities

Equity

Net Income

A

+ + ne ne
B

+ , - ne ne ne
C

+ ne + ne
D

+ ne + +
E

ne - + +
F

- ne - -
G

- - ne ne
H

ne + - -
I

- ne - ne
J

no transaction

A law firm prepares monthly financial statements. The following transaction took place in November.
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Nov. 3, the business pays an employee $950 for his services during October.
Nov. 10, the business collects $3,000 from a customer billed in September.
Nov. 20, the business provides $14,000 of services to clients on credit.
Nov. 22, the business pays $200 for pizza for employees who worked late (a business transaction).
Nov. 24, the business provides monthly services to a customer that paid the law firm $2,400 for a 12 month consulting contract at $200 per month. The law firm received the $2,400 last July.