A company buys repair service on credit from Roofing Inc. As a result: Select one: a....
A company buys repair service on credit from Roofing Inc. As a result:
Select one:
a. An expense increases and a liability decreases
b. An expense increases and a liability increases
c. An expense decreases and a liability increases
d. An expense decreases and a liability decreases
Homework Answers
When repairs service buys on credit that means
Repair service (expense) = Increase
Account payable (liabilities) = Increase
So answer is b) An expense increases and a liability increases
Add Answer to:
A company buys repair service on credit from Roofing Inc. As a
result:
Select one:
a....
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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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Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...
2 2 5 Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on...
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Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...
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Allen's Roofing posts $5,000 in net income and $200 in dividends for the year. How does...
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Great Plains Roofing and Siding Company Inc. sells roofing and siding products to home repair retailers, such as Lowe's and Home Depot, and commercial contractors. The owner is interested in studying the effects of several variables on the value of shingles sold ($000). The marketing manager is arguing that the company should spend more money on advertising, while a market researcher suggests it should focus more on making its brand and product more distinct from its competitors. The company has...
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...
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?...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr 1 Roulstone contributed $11.500 cash to the business in exchange for common stock. 2 Paid 56,100 cash for the purchase of a used truck. 2 Purchased 53.100 of ladders and other equipment the company paid $1.000 cash with the balance due in 30 days. 3 Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. 5 Purchased $1,200 of...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...
2 2 5 Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $11,500 cash to the business in exchange for common stock. Paid $6,100 cash for the purchase of a used truck. Purchased $3,100 of ladders and other equipment, the company paid $1,000 cash, with the balance due in 30 days. Paid $2.880 cash for two-year for 24-month) premium toward liability insurance. Purchased $1,200 of supplies on...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...
Great Plains Roofing and Siding Company Inc. sells roofing and siding products to home repair retailers, such as Lowe's and Home Depot, and commercial contractors. The owner is interested in studying the effects of several variables on the value of shingles sold ($000). The marketing manager is arguing that the company should spend more money on advertising, while a market researcher suggests it should focus more on making its brand and product more distinct from its competitors. The company has...
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...
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