Homework Answers
Answer:- c. Supplies would increase and Accounts Payable would increase.
Journal Entry will be:-
Supplies ****
Accounts Payable ****
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. 1. Which of the following would result if the business purchased supplies on credit? à...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,300, a credit to cash account for $500. Which of the following would be the correct way to complete the recording of the transaction? a. Credit the Grayton, Capital account for $500. b. Debit the Grayton, Capital account for $500. c. Credit an...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
1. On October 1, 2020 a company purchased supplies from a vendor on credit for $2,500....
1. On October 1, 2020 a company purchased supplies from a vendor on credit for $2,500. The journal entry includes a debit to ____ and a credit to _____. a. supplies b. cash c. account payable d. accounts receivable 2. On November 1, 2020 a company paid cash to a vendor for the purchase on October 1 (in question 28) for $2,500. The journal entry includes a debit to____ and a credit to _____. a. supplies b. cash c. account...
Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease...
Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Purchased office furniture on account Account Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Accrued liability for utilities. Account #1 Account Type Increase/Decrease Debit/Credit...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
31) A business uses a credit to record: A) An increase in an expense account. B)...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Question 1 5 points Which of the following changes in working capital accounts will result in...
Question 1 5 points Which of the following changes in working capital accounts will result in an increase in cash flows? 1. Decrease in accounts receivable. II. Increase in inventories. III. Increase in accounts payable. OCHII D. I and III E. I and III
1.Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of...
1.Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction? a. Decrease cash $25,000 and decrease notes payable $25,000 b. Increase cash $25,000 and decrease notes payable $25,000 c. Increase cash $25,000 and increase notes payable $25,000 d. Decrease cash $25,000 and increase notes payable $25,000 2. Yuan Corporation purchased office equipment on account. What is the effect of this transaction? a. Cash will decrease and office equipment will increase. b. Total...
Identify whether a debit or credit results in the indicated change for each of the following...
Identify whether a debit or credit results in the indicated change for each of the following accounts. . a. To increase Prepaid Service Fees b. To decrease Cash c. To increase Salaries Expense d. To increase Rental Revenue e. To decrease Salaries Payable f. To decrease Supplies g. To increase Utilities Payable h. To decrease Office Supplies i. To increase Owner, Capital 1. To increase Store Supplies S
A business purchases $500 of office supplies on account. What is the effect on the accounting...
A business purchases $500 of office supplies on account. What is the effect on the accounting equation? A. Office Supplies increase and Accounts Payable decrease B. Office Supplies increase and Cash decreases C. Total assets increase and total liabilities decrease D. Office Supplies increase and Accounts Payable increase
Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Purchased office furniture on account Account Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Accrued liability for utilities. Account #1 Account Type Increase/Decrease Debit/Credit...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Identify whether a debit or credit results in the indicated change for each of the following accounts. . a. To increase Prepaid Service Fees b. To decrease Cash c. To increase Salaries Expense d. To increase Rental Revenue e. To decrease Salaries Payable f. To decrease Supplies g. To increase Utilities Payable h. To decrease Office Supplies i. To increase Owner, Capital 1. To increase Store Supplies S
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