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E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
E. None of the above 7. Received $400 bill for utilities due in two weeks A....
E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets Increase; Liabilities Increase C. Assets Decrease; Equity Decreases D. Assets Increase; Assets Decrease E. None of the above 8. Paid $1,000 to assistant for wages A. Assets Increase; Liabilities Increase B. Assets Increase; Assets Decrease C. Liabilities Increase; Equity Decreases D. Assets Decrease; Equity Decreases E. None of the above
9, Keceived cash from customers when service was performed. Instructions List the numbers of the above...
9, Keceived cash from customers when service was performed. Instructions List the numbers of the above transactions answer is: (1) Increase in assets and increase in owner's equity Analyze the effecet of transactions on assets, liabilities, and ouner's equity. (LO 4) and deseribe the effet of each transaction on assets, liabilities, and owner's equity. For example, the first El-7 Falske Computer Timeshare Company entered into the following transáctions during May 2017. 1. Purchased computers for $20,000 from Digital Equipment on...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets...
ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets increase by $2,000 and equity increases by $2,000. B. Assets decrease by $2,000 and equity decreases by $2,000. C. Assets decrease by $2,000 and liabilities decrease by $2,000. D. The amount of total assets remains the same
8. The increases to a company's resources that result when goods or services are provided to...
8. The increases to a company's resources that result when goods or services are provided to customers are called? A) Assets B) Liabilities C) Expenses San D) Revenues E) None of the above 9. What categories of cash flows are presented in a statement of cash flows? A) Operating and non-operating B) Receipts and disbursements C) Financial and non-financial D) Operating, investing, and financing E) None of the above 10. Marvin's Mechanical Repair Shop started the year with total assets...
Bob's Cleaning Services performs services for its customers during March. Payments for the March services are...
Bob's Cleaning Services performs services for its customers during March. Payments for the March services are received in June. How does the transaction for the collection of cash from customers WA affect the accounting equation of Bob's Cleaning Services? A. assets increase and revenues increase B. assets increase and equity decreases C. total assets remain the same D. liabilities increase and assets increase
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets Increase; Liabilities Increase C. Assets Decrease; Equity Decreases D. Assets Increase; Assets Decrease E. None of the above 8. Paid $1,000 to assistant for wages A. Assets Increase; Liabilities Increase B. Assets Increase; Assets Decrease C. Liabilities Increase; Equity Decreases D. Assets Decrease; Equity Decreases E. None of the above
9, Keceived cash from customers when service was performed. Instructions List the numbers of the above transactions answer is: (1) Increase in assets and increase in owner's equity Analyze the effecet of transactions on assets, liabilities, and ouner's equity. (LO 4) and deseribe the effet of each transaction on assets, liabilities, and owner's equity. For example, the first El-7 Falske Computer Timeshare Company entered into the following transáctions during May 2017. 1. Purchased computers for $20,000 from Digital Equipment on...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets increase by $2,000 and equity increases by $2,000. B. Assets decrease by $2,000 and equity decreases by $2,000. C. Assets decrease by $2,000 and liabilities decrease by $2,000. D. The amount of total assets remains the same
8. The increases to a company's resources that result when goods or services are provided to customers are called? A) Assets B) Liabilities C) Expenses San D) Revenues E) None of the above 9. What categories of cash flows are presented in a statement of cash flows? A) Operating and non-operating B) Receipts and disbursements C) Financial and non-financial D) Operating, investing, and financing E) None of the above 10. Marvin's Mechanical Repair Shop started the year with total assets...
Bob's Cleaning Services performs services for its customers during March. Payments for the March services are received in June. How does the transaction for the collection of cash from customers WA affect the accounting equation of Bob's Cleaning Services? A. assets increase and revenues increase B. assets increase and equity decreases C. total assets remain the same D. liabilities increase and assets increase
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
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