ZuoTi.Pro
Question

question #16 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange. Pai
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer : Option C , Asset Exchange

Explanation;

When we pay for an expense in advance it is an asset. Here we pay cash in advance for one year rent. So it will come under Asset Exchange.

0 0
Add a comment
Know the answer?
Add Answer to:
question #16 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • question #16 19 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange...

    question #16 19 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange. Paid cash in advance for one year's rent. ints 8 01.06.20 Multiple Choice question #16 19 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange. Pald cash in advance for one year's rent. Sints 01.06.15 Multiple Choice o Asset Source Asset Use 0 Asset Exchange o oo Claims Exchange

  • question #85 10 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange...

    question #85 10 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange. Provided services and collected cash. question #85 10 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange Provided services and collected cash. 01:25:07 Multiple Choice Asset Source Asset Use Asset Exchange Claims Exchange

  • question #24 18 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange...

    question #24 18 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange. Performed services on account. points X 01:08:40 Multiple Choice O Asset Source O Asset Use O Asset Exchange O O Claims Exchange

  • question #24 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or...

    question #24 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange. Performed services on account. 10:39 Multiple Choice

  • Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...

    Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...

  • Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...

    Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...

  • Identifying transaction type and effect on the financial statements Required Identify whether each of the following...

    Identifying transaction type and effect on the financial statements Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), ass exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (I), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA),...

  • 3) In the space before each of the following transactions, identify if the transaction is an:...

    3) In the space before each of the following transactions, identify if the transaction is an:            Asset Source Transaction           Asset Use Transaction             Asset Exchange Transaction __ ___   a.) Acquired $80,000 to start a business by issuing common stock. __ ___   b.) Earned $18,000 of Revenue on account. __ ___   c.) Paid $12,000 for one year’s rent in advance. __ ___   d.) Purchased $8,000 of supplies on account. __ ___   e.) Recognized $1,000 of rent expense used during...

  • ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset...

    ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...

  • The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...

    The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT