Queens Delivery Service is owned and operated by Lisa Dewar. The following selected transaction were completed by Queens Delivery service during June: 1. Received cash from owner as additional investment $18000. 2. Paid creditors on account $1800. 3.
Queens Delivery Service is owned and operated by Lisa Dewar. The following selected transaction were completed by Queens Delivery service during June: 1. Received cash from owner as additional investment $18000. 2. Paid creditors on account $1800. 3. Billed customers for delivery services on account $12500. 4. Received cash from customers on account $6900. 5. Paid cash to owner for personal use. $4000. Indicate the effect of each transaction on the accounting equation elements (Assets Liabilities Owners Equity Drawing Revenue and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate the answer to (1) to shown below (1) Asset (Cash) increases by $18000; Owners Equity (Lisa Dewar Capital) increases by $18000.