Homework Answers
Answers:-
a) Purchase of a asset on account (credit).
b) Payment in cash of a liability like notes payable or accounts payable.
c) Purchase of an asset for cash.
d) Investments of cash or other assets by owners.
e) Purchase of an asset and financing part of the cost.
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LO2-3 EXERCISE 2.7 Effects of Business Transactions For each of the following categories, state concisely a...
solve this all exercise 25 E1-25 Using the accounting equation to analyze transactions As the manager...
solve this all exercise 25
E1-25 Using the accounting equation to analyze transactions As the manager of a Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an...
LO2-3 EXERCISE 2.6 The Accounting Equation A number of business transactions carried out by Smalling Manufacturing...
LO2-3 EXERCISE 2.6 The Accounting Equation A number of business transactions carried out by Smalling Manufacturing Company are as follows a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability d. Returned for credit some of the office equipment previously purchased on credit but not yet paid for. (Treat this the opposite of a transaction in which you purchased office equipment on credit e. Sold land for cash...
For each of the following items give an example of a business transaction that has the described effect on the accounting equation: increase an asset and increase a liability increase one asset and decrease another asset decrease an asset and decrease
For each of the following items give an example of a business transaction that has the described effect on the accounting equation:increase an asset and increase a liabilityincrease one asset and decrease another assetdecrease an asset and decrease owners equitydecrease an asset and decrease a liabilityincrease an asset and increase owners equity
solve part e E1-25 Using the accounting equation to analyze transactions As the manager of a...
solve part e
E1-25 Using the accounting equation to analyze transactions As the manager of a Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an asset and...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice,...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice, Sarah has given Jerry nine accounting transactions that commonly occur in the foodservice industry. Sarah has asked Jerry to match the nine accounting transactions with the impact they will have on one more of the three components of the accounting equation. Help Jerry complete his work by placing the letter identifying the transaction in the "transaction" cell associated with the proper transaction's impact cell....
5. As the manager of a Papa Sean's restaurant, you must deal with a variety of...
5. As the manager of a Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an asset and increase a liability.
E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta...
E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta Company a. Received $10,000 cash from owners and issued shares to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Purchased land for $12,000; paid $1,000 in cash and signed a note for the $11,000 d. Bought and received $800 of equipment on account. e. Purchased $3,000 of equipment, paying $1,000 in cash and charged the...
3 E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for...
3 E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: 5 points Skipped a. Received investment of cash by organizers and distributed to them 1,140 shares of $1 par value common stock with a market price of $20 per share. b. Purchased $7,800 of equipment, paying $1,300 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $14,000 cash from a bank. d. Loaned $1,000 to an employee...
Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that...
Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company receives cash from an accounts receivable t. The company pays cash dividends to shareholders. c. The company made a cash withdrawal (dividend) to the owner. d. The company provides services for cash. e. The company pays cash toward an account payable. 1. The company purchases equipment on credit II Decreases an asset and...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost...
solve this all exercise 25
E1-25 Using the accounting equation to analyze transactions As the manager of a Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an...
LO2-3 EXERCISE 2.6 The Accounting Equation A number of business transactions carried out by Smalling Manufacturing Company are as follows a. Borrowed money from a bank. b. Sold land for cash at a price equal to its cost. c. Paid a liability d. Returned for credit some of the office equipment previously purchased on credit but not yet paid for. (Treat this the opposite of a transaction in which you purchased office equipment on credit e. Sold land for cash...
solve part e
E1-25 Using the accounting equation to analyze transactions As the manager of a Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an asset and...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice, Sarah has given Jerry nine accounting transactions that commonly occur in the foodservice industry. Sarah has asked Jerry to match the nine accounting transactions with the impact they will have on one more of the three components of the accounting equation. Help Jerry complete his work by placing the letter identifying the transaction in the "transaction" cell associated with the proper transaction's impact cell....
5. As the manager of a Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an asset and increase a liability.
E2-4 Determining Financial Statement Effects of Several Transactions (L01, LO2) The following events occurred for Favanta Company a. Received $10,000 cash from owners and issued shares to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Purchased land for $12,000; paid $1,000 in cash and signed a note for the $11,000 d. Bought and received $800 of equipment on account. e. Purchased $3,000 of equipment, paying $1,000 in cash and charged the...
3 E2-4 (Algo) Determining Financial Statement Effects of Several Transactions LO2-3 The following events occurred for Johnson Company: 5 points Skipped a. Received investment of cash by organizers and distributed to them 1,140 shares of $1 par value common stock with a market price of $20 per share. b. Purchased $7,800 of equipment, paying $1,300 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $14,000 cash from a bank. d. Loaned $1,000 to an employee...
Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company receives cash from an accounts receivable t. The company pays cash dividends to shareholders. c. The company made a cash withdrawal (dividend) to the owner. d. The company provides services for cash. e. The company pays cash toward an account payable. 1. The company purchases equipment on credit II Decreases an asset and...
EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost...
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