Chapter 1 / Overview of Financial Accounting 1 CHAPTER 1 SOLUTIONS Overview of Financial Accounting CP 1–1 A = L + +E (+) (+) Issued share capital for cash (+)(-) Purchased a truck for cash (+) (+) Received a bank loan to pay for equipment (+)(-) Made a deposit for electricity service to be provided in the future (-) (-) Paid rent expense No Effect Signed a new union contract that provides
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