Homework Answers
Solution:
| a. | Increases an asset and decreases an asset |
| b. | Decreases an asset and decreases Equity |
| c. | Decreases an asset and decreases Equity |
| d. | Increases an asset and Increases Equity |
| e. | Decreases an asset and decreases a liability |
| f. | Increases an asset and Increases a liability |
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Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that...
select a transaction that effects the accounting equation as follows: Check my work elect a transaction...
select a transaction that effects the accounting equation as
follows:
Check my work elect a transaction that effects the accounting equation as follows: Transaction Effects a. The company purchases supplies for cash. b. The company purchases equipment for cash. c. The company purchases supplies on credit. d. The company pays cash dividends to shareholders. e. The company receives cash from an accounts receivable. t. The company purchases equipment on credit. Decreases an asset and decreases a liability Decreases an asset...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
I dont know why the last part is incorrect 1 Homework Saved Check my work mode...
I dont know why the last part is incorrect
1 Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not india Select a transaction that effects the accounting equation as follows: X Answer is complete but not entirely correct. b с Effects The company pays cash toward an account payable The company purchases equipment on credit The owner invests cash in the business The owner...
QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions...
QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. eBook a. The company completed consulting work for a client and immediately collected $7,500 cash earned. b. The company completed commission work for a client and sent a bill for $6,000 to be received within 30 days. c. The company paid an assistant $2.400 cash as wages for the period. d. The company collected $3,000 cash as a partial...
Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company purchases...
Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company purchases equipment for cash. b. The owner invests land in the business (in exchange for its stock). c. The company purchases supplies for cash. d. The company purchases equipment on credit. The company provides services and sent a bill for $500 to be received within 30 days. f. The company pays cash dividends to shareholders Ming Chen began a professional practice on June 1 and...
Check my work QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1...
Check my work QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner invested $15,600 cash in the company in exchange for its common stock. b. The company purchased supplies for $650 cash. c. The owner invested $10,300 of equipment in the company in exchange for more common stock d. The company purchased $230 of additional supplies on credit. e. The company purchased land for $9,300...
Qs 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions...
Qs 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,400 cash earned. b. The company completed commission work for a client and sent a bill for $5,900 to be received within 30 days. c. The company paid an assistant $2,350 cash as wages for the period. d. The company collected $2,950 cash as a partial payment...
QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions...
QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,000 cash in the company. b. The company purchased supplies for $500 cash. C. The owner (Alex Carr) invested $10,000 of equipment in the company d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash
Exercise 1-15 (Algo) Identifying effects of transactions using the accounting equation LO P1 Ming Chen started...
Exercise 1-15 (Algo) Identifying effects of transactions using the
accounting equation LO P1
Ming Chen started a business and had the following transactions in
June.
Owner invested $68,000 cash in the company along with $29,000 of
equipment in exchange for its common stock.
The company paid $2,100 cash for rent of office space for the
month.
The company purchased $10,000 of additional equipment on credit
(payment due within 30 days).
The company completed work for a client and immediately collected...
Exercise 1-11 Identifying effects of transactions on the accounting equation LO P1 The following table shows...
Exercise 1-11 Identifying effects of transactions on the accounting equation LO P1 The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique, Match the given transaction with its probable description Assets - Liabilities + Equity Accounts Payable $ 0 Common + Stock • $ 43,000 + Revenues + 4 + 1,000 Accounts Office Canh + Receivable + Supplies + Land $ 21,000+ $ 0 + $3,000 + $ 19,000 -...
select a transaction that effects the accounting equation as
follows:
Check my work elect a transaction that effects the accounting equation as follows: Transaction Effects a. The company purchases supplies for cash. b. The company purchases equipment for cash. c. The company purchases supplies on credit. d. The company pays cash dividends to shareholders. e. The company receives cash from an accounts receivable. t. The company purchases equipment on credit. Decreases an asset and decreases a liability Decreases an asset...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
I dont know why the last part is incorrect
1 Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not india Select a transaction that effects the accounting equation as follows: X Answer is complete but not entirely correct. b с Effects The company pays cash toward an account payable The company purchases equipment on credit The owner invests cash in the business The owner...
QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. eBook a. The company completed consulting work for a client and immediately collected $7,500 cash earned. b. The company completed commission work for a client and sent a bill for $6,000 to be received within 30 days. c. The company paid an assistant $2.400 cash as wages for the period. d. The company collected $3,000 cash as a partial...
Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company purchases equipment for cash. b. The owner invests land in the business (in exchange for its stock). c. The company purchases supplies for cash. d. The company purchases equipment on credit. The company provides services and sent a bill for $500 to be received within 30 days. f. The company pays cash dividends to shareholders Ming Chen began a professional practice on June 1 and...
Check my work QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner invested $15,600 cash in the company in exchange for its common stock. b. The company purchased supplies for $650 cash. c. The owner invested $10,300 of equipment in the company in exchange for more common stock d. The company purchased $230 of additional supplies on credit. e. The company purchased land for $9,300...
Qs 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,400 cash earned. b. The company completed commission work for a client and sent a bill for $5,900 to be received within 30 days. c. The company paid an assistant $2,350 cash as wages for the period. d. The company collected $2,950 cash as a partial payment...
QS 1-11 Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,000 cash in the company. b. The company purchased supplies for $500 cash. C. The owner (Alex Carr) invested $10,000 of equipment in the company d. The company purchased $200 of additional supplies on credit. e. The company purchased land for $9,000 cash
Exercise 1-15 (Algo) Identifying effects of transactions using the
accounting equation LO P1
Ming Chen started a business and had the following transactions in
June.
Owner invested $68,000 cash in the company along with $29,000 of
equipment in exchange for its common stock.
The company paid $2,100 cash for rent of office space for the
month.
The company purchased $10,000 of additional equipment on credit
(payment due within 30 days).
The company completed work for a client and immediately collected...
Exercise 1-11 Identifying effects of transactions on the accounting equation LO P1 The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan's Boutique, Match the given transaction with its probable description Assets - Liabilities + Equity Accounts Payable $ 0 Common + Stock • $ 43,000 + Revenues + 4 + 1,000 Accounts Office Canh + Receivable + Supplies + Land $ 21,000+ $ 0 + $3,000 + $ 19,000 -...
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