(Solved): Exercise 1-13 (Algo) Identifying effects of transactions on the accounting equation LO P1 The foll ...

Exercise 1-13 (Algo) Identifying effects of transactions on the accounting equation LO P1 The following table shows the effects of transactions through 5 on the assets, liabilities, and equity of Mulan's Boutique. Match each transaction with its probable description. 1. 2. 3. 4. 5. + Cash + $ 30,000 + 5,000 Transaction 1. 2. 3. 4. 5. + 1,200 2,900 $ 26,700 + Assets Accounts Receivable $0 + 2,900 + Supplies + $4,100 + + 2,900 + + 1,200 $ 5,300 Description + Land $ 29,000 5,000 $ 34,000 = = The company billed a client $1,200 for services provided. The company billed a client $2,900 for services provided. The company collected $2,900 cash from an account receivable. The company paid $1,200 cash toward an account payable. Liabilities Equity Accounts Payable + Mulan, Capital + $63,100 + + 1,200 1,200 + $ 63,100 + Revenues 2,900 $ 2,900