Homework Answers
Add Answer to:
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
L. Balance Sheet © Statement of Cash Flows Questions 3-10: Show how each of the following...
L. Balance Sheet © Statement of Cash Flows Questions 3-10: Show how each of the following eight (8) business transactions affects the accounting equation as increase/decrease in assets. liabilities and/or equity. The correct answer is the one that both balances the accounting equation and is consistent with the nature of the business transaction itself. 3. Diana, owner, contributes $15,000 cash in exchange for capital A. Assets Increase: Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Assets Decrease D....
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
E. None of the above 7. Received $400 bill for utilities due in two weeks A....
E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets Increase; Liabilities Increase C. Assets Decrease; Equity Decreases D. Assets Increase; Assets Decrease E. None of the above 8. Paid $1,000 to assistant for wages A. Assets Increase; Liabilities Increase B. Assets Increase; Assets Decrease C. Liabilities Increase; Equity Decreases D. Assets Decrease; Equity Decreases E. None of the above
Virginian Enterprises received a bill from Livingstone Landscaping for $14,500. They paid $5,000 on receipt of...
Virginian Enterprises received a bill from Livingstone Landscaping for $14,500. They paid $5,000 on receipt of the bill and agreed to pay the remainder by the end of the month. For Virginian Enterprises, this transaction a. decreases assets, liabilities and stockholder’s equity. b. has no effect on the basic accounting equation. c. increases assets and liabilities. d. increases liabilities; decreases assets and stockholders’ equity.
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common Stock (c) Supplies Expense (d) Notes Payable 2. Windward Inc. makes a payment of $500 on its accounts payable. How does this effect the accounting equation? a. Assets decrease and Liabilities decrease b. Assets increase and Equity Decreases c. Assets decrease and Equity decreases d. Assets increase and Liabilities increase e. Assets decrease and Liabilities increase 3. Chitron Corporation earns $750 working for a...
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....
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's...
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Indicate the effect of the following transaction on the elements of the accounting equation. Paid creditors, on account assets increase; liabilities increase assets decrease; liabilities decrease assets decrease; liabilities increase assets decrease; owner's equity increase Question 9 3 pts List of the entire group of accounts maintained by a business. general journal chart of accounts T-account accounting...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
L. Balance Sheet © Statement of Cash Flows Questions 3-10: Show how each of the following eight (8) business transactions affects the accounting equation as increase/decrease in assets. liabilities and/or equity. The correct answer is the one that both balances the accounting equation and is consistent with the nature of the business transaction itself. 3. Diana, owner, contributes $15,000 cash in exchange for capital A. Assets Increase: Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Assets Decrease D....
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets Increase; Liabilities Increase C. Assets Decrease; Equity Decreases D. Assets Increase; Assets Decrease E. None of the above 8. Paid $1,000 to assistant for wages A. Assets Increase; Liabilities Increase B. Assets Increase; Assets Decrease C. Liabilities Increase; Equity Decreases D. Assets Decrease; Equity Decreases E. None of the above
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Indicate the effect of the following transaction on the elements of the accounting equation. Paid creditors, on account assets increase; liabilities increase assets decrease; liabilities decrease assets decrease; liabilities increase assets decrease; owner's equity increase Question 9 3 pts List of the entire group of accounts maintained by a business. general journal chart of accounts T-account accounting...
Most questions answered within 3 hours.
-
A coach uses a new technique to train gymnasts. Seven
gymnasts were randomly selected and their...
asked 1 hour ago -
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 3 hours ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 5 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 5 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 7 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 7 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 7 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 7 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 7 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 7 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 7 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 7 hours ago