Exercise 1-7
Falske Computer Timeshare Company entered into the following transactions during May 2017.
Describe the effect of each transaction on assets, liabilities, and owner’s equity.
| 1. | Purchased computers for $20,000 from Digital Equipment on account. |  |
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| 2. | Paid $4,000 cash for May rent on storage space. |
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| 3. | Received $17,000 cash from customers for contracts billed in April. |
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| 4. | Performed computer services to Viking Construction Company for $4,000 cash. |
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| 5. | Paid Tri-State Power Co. $11,000 cash for energy usage in May. |
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| 6. | Falske invested an additional $29,000 in the business. |
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| 7. | Paid Digital Equipment for the computers purchased in (1) above. |
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| 8. | Incurred advertising expense for May of $1,200 on account. |
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