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The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods...
The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold,...
The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold, Inc. Inventory Debit Memo No. 25. 3,000 What is the impact of this entry on the accounting equation? Oa. an increase in Assets and an increase in Equity Ob. a decrease in Assets and a decrease in Liabilities Oc. a decrease in Assets and a decrease in Equity d. an increase in Assets and an increase in Liabilities
Determine the impact of the following transaction on the accounting equation: Christina Company sold goods costing...
Determine the impact of the following transaction on the accounting equation: Christina Company sold goods costing $2,000 for $6,000 cash. Assets Liabilities Stockholders' Equity + $6,000 No effect + $6,000 + $4,000 No effect + $4,000 + $2,000 + $4,000 - $2,000 + $4,000 - $2,000 + $6,000 OA. A is correct OB. B is correct OC. C is correct OD. D is correct
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan....
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 Jan. 10th 130 Assuming your company uses the weighted average to value Cost of Goods Sold: What is the average cost per unit on Jan. 10th (round to the nearest cent)? $ What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory...
For a journal entry with only two lines, the following entry is valid:
For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense.False B) TrueAllocation is primarily as issue inMeasuring Income B) None of the other threeC) Measuring Assets D) Both Measuring Assets and IncomeABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000. ABC's ending inventory equals:A) $21,000. B) $18,000. C) $15,000. D) $19,000.Of the following...
For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense. False ...
For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense. False B) True Allocation is primarily as issue in Measuring Income B) None of the other three C) Measuring Assets D) Both Measuring Assets and Income ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000. ABC's ending inventory equals: A) $21,000. B) $18,000. ...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The assets, liabilities, and equity remain the same. B. The assets increase and liabilities decrease. OC. The assets decrease and equity increases. OD. The assets decrease and equity decreases.
When is a trial balance usually prepared? O A. before the financial statements are prepared OB....
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
Rosewood Company purchased land for $140,000 by making a cash payment of $28,000 and promising to...
Rosewood Company purchased land for $140,000 by making a cash payment of $28,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation? O A. assets increase by $140,000 and liabilities decrease by $112,000 OB. assets and equity increase by $112,000 OC. assets increase by $140,000 and liabilities decrease by $28,000 OD. assets and liabilities increase by $112,000
1) A bill is received for electric service; the charge for the electricity is recorded, but...
1) A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation. a Liabilities decrease and assets decrease. b. Assets, increase and liabilities increase. Subiabilities increase and stockholders' equity decreases. d.Assets, increase and stockholders' equity increases./ 2)Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step, income statement? a Income from operations b.Cost of...
The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold, Inc. Inventory Debit Memo No. 25. 3,000 What is the impact of this entry on the accounting equation? Oa. an increase in Assets and an increase in Equity Ob. a decrease in Assets and a decrease in Liabilities Oc. a decrease in Assets and a decrease in Equity d. an increase in Assets and an increase in Liabilities
Determine the impact of the following transaction on the accounting equation: Christina Company sold goods costing $2,000 for $6,000 cash. Assets Liabilities Stockholders' Equity + $6,000 No effect + $6,000 + $4,000 No effect + $4,000 + $2,000 + $4,000 - $2,000 + $4,000 - $2,000 + $6,000 OA. A is correct OB. B is correct OC. C is correct OD. D is correct
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 Jan. 10th 130 Assuming your company uses the weighted average to value Cost of Goods Sold: What is the average cost per unit on Jan. 10th (round to the nearest cent)? $ What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The assets, liabilities, and equity remain the same. B. The assets increase and liabilities decrease. OC. The assets decrease and equity increases. OD. The assets decrease and equity decreases.
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
Rosewood Company purchased land for $140,000 by making a cash payment of $28,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation? O A. assets increase by $140,000 and liabilities decrease by $112,000 OB. assets and equity increase by $112,000 OC. assets increase by $140,000 and liabilities decrease by $28,000 OD. assets and liabilities increase by $112,000
1) A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation. a Liabilities decrease and assets decrease. b. Assets, increase and liabilities increase. Subiabilities increase and stockholders' equity decreases. d.Assets, increase and stockholders' equity increases./ 2)Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step, income statement? a Income from operations b.Cost of...
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