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As of December 1,2016, Skyles Company, owned by Barbara
Skyles, h liabilities, and owner‘s equity of...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck worth $3,800 to the company in exchange for common stock. A) What is the İourna entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? AssetsLiabilitiesEquity D- B- Submit Questi 0 of s Attempts Used MacBookA Question #2 Salo Inc. purchases $10,500 of equipment by paying cash. A) What is the journal entry to record this transaction? 5...
Transaction Assets = Liabilities + Equity Beginning $0 = $0 + $0 Investment in the Business...
Transaction Assets = Liabilities + Equity Beginning $0 = $0 + $0 Investment in the Business The company issue stock in exchange for $25,000 cash. This increases the assets of the business from its zero balance. The owners (stockholders) have a claim on the assets, so equity also increases from its zero balance. Make sure the equation stays in balance. $ = $ + $ Borrow Cash The company borrows $12,500 cash from the local bank. This increases the assets...
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....
3. Acquisition Method Prance Company acquired all the assets and liabilities of Seaver Company and properly...
3. Acquisition Method Prance Company acquired all the assets and liabilities of Seaver Company and properly recorded the transaction under the acquisition method. Seaver's balance sheet prior to the transaction was as follows: Book Value Fair Value A/R $ 175,000 $175,000 Inventory 465,000 500,000 20,000 20,000 Equipment Building 90,000 85,000 Land 30,000 60,000 Total Assets $ 780,000 $840.000 Accounts Payable $ 120,000 $130,000 Common Stock ($5 par) 100,000 100,000 Pald in Capital 320,000 310,000 Retained Earnings 240,000 300,000 Total Liab...
Example The accounting equation is Assets = Liabilities + Owners Equity I will concentrate the following...
Example
The accounting equation is Assets = Liabilities + Owners Equity
I will concentrate the following accounting elements
in this posts: Assets and Owners Equity (specifically Revenue).
A business transaction affecting the accounting
equation is one in which we (the company) provide tax reporting
services (1040 long form) to a individual customer for $150 and the
customer pays our company cash. First, cash an ASSET account is
increased because cash is coming into the company from the
customer. To increase...
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...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017 December 31 2016 2017 43,516 $6,595 18,519 2,729 114,379 121,835 53,758 0 149,204 37,233 30,800 86,437 Cash Accounts receivable 23,621 3,726 Office supplies Office equipment Trucks Building Land Accounts payable Note payable 44,758 62,100 NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets Liabilities Equity Total equity Total assets 0 Total liabilities and equity NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets...
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...
Question 2 (of 11) 2. 10.00 points Dakota Company experienced the following events during 2016. 1....
Question 2 (of 11) 2. 10.00 points Dakota Company experienced the following events during 2016. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $5,000 cash 4. Provided services for $40,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck worth $3,800 to the company in exchange for common stock. A) What is the İourna entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? AssetsLiabilitiesEquity D- B- Submit Questi 0 of s Attempts Used MacBookA Question #2 Salo Inc. purchases $10,500 of equipment by paying cash. A) What is the journal entry to record this transaction? 5...
3. Acquisition Method Prance Company acquired all the assets and liabilities of Seaver Company and properly recorded the transaction under the acquisition method. Seaver's balance sheet prior to the transaction was as follows: Book Value Fair Value A/R $ 175,000 $175,000 Inventory 465,000 500,000 20,000 20,000 Equipment Building 90,000 85,000 Land 30,000 60,000 Total Assets $ 780,000 $840.000 Accounts Payable $ 120,000 $130,000 Common Stock ($5 par) 100,000 100,000 Pald in Capital 320,000 310,000 Retained Earnings 240,000 300,000 Total Liab...
Example
The accounting equation is Assets = Liabilities + Owners Equity
I will concentrate the following accounting elements
in this posts: Assets and Owners Equity (specifically Revenue).
A business transaction affecting the accounting
equation is one in which we (the company) provide tax reporting
services (1040 long form) to a individual customer for $150 and the
customer pays our company cash. First, cash an ASSET account is
increased because cash is coming into the company from the
customer. To increase...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017 December 31 2016 2017 43,516 $6,595 18,519 2,729 114,379 121,835 53,758 0 149,204 37,233 30,800 86,437 Cash Accounts receivable 23,621 3,726 Office supplies Office equipment Trucks Building Land Accounts payable Note payable 44,758 62,100 NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets Liabilities Equity Total equity Total assets 0 Total liabilities and equity NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets...
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...
Question 2 (of 11) 2. 10.00 points Dakota Company experienced the following events during 2016. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $5,000 cash 4. Provided services for $40,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is...
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