A company purchases supplies on account for $2,100. Indicate the amount of increases and decreases in...
A company purchases supplies on account for $2,100. Indicate the amount of increases and decreases in the accounting equation.
Assets ____ = liabilities _____ + stockholders equity _____
Homework Answers
Solution
In the given scenario, a company purchases supplies on account for $2100. The entry should be,
Supplies A/c ........................ Dr. $2100
To, Accounts Payable A/c $2100
Supplies is a part of Assets under "Inventories". Again,
Accounts Payable is a part of Liabilities. Therefore the equation
would be,
Assets = Liabilities + Stockholders' Equity
Or, 2100 = 2100 +
0
Add Answer to:
A company purchases supplies on account for $2,100. Indicate the
amount of increases and decreases in...
A company pays $800 dividends to stockholders. Indicate the amount of increases and decreases in the...
A company pays $800 dividends to stockholders. Indicate the amount of increases and decreases in the accounting equation. Assets - Liabilities + Stockholders' Equity
Indicate how the following transactions affect the accounting equation. a. The purchase of supplies on account....
Indicate how the following transactions affect the accounting equation. a. The purchase of supplies on account. Assets decrease; stockholders' equity decreases b. The purchase of supplies for cash. Assets decrease; stockholders' equity decreases Payment of cash dividends to stockholders. Assets increase; liabilities increase d. Revenues received in cash. Assets increase; stockholders' equity increases Sale made on account. No effect e.
Bog Frog Co. pays $1,300 for office supplies that had been purchased on account during the...
Bog Frog Co. pays $1,300 for office supplies that had been purchased on account during the prior month. Indicate the amount of increases and decreases in the accounting equation at the time of the payment. Assets = Liabilities + Stockholders' Equity +
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
A business purchases $500 of office supplies on account. What is the effect on the accounting...
A business purchases $500 of office supplies on account. What is the effect on the accounting equation? A. Office Supplies increase and Accounts Payable decrease B. Office Supplies increase and Cash decreases C. Total assets increase and total liabilities decrease D. Office Supplies increase and Accounts Payable increase
Payment of accounts payable affects the components of the accounting equation in the following way: decreases...
Payment of accounts payable affects the components of the accounting equation in the following way: decreases assets and increases stockholders' equity. decreases stockholders' equity and decreases liabilities. decreases assets and decreases liabilities. O increases assets and decreases liabilities.
A company provides services to customers on account for $2,400. Indicate the amount of increases and...
A
company provides services to customers on account for $2,400.
Indicate the amount of increases and decreases in the accounting
equation.
51. Below are the transactions for Cleaning Racer, Inc. for April, the first month of operations. April 1 April 2 April 7 April 10 April 12 April 16 April 19 April 23 April 29 April 30 April 30 Borrow$50,000 from the bank by signing a note. s sue common stock in exchange for cash of $20,000. Purchase equipment for...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not needed to record a transaction. D) Is the left-hand side of a T-account. E) Is the right-hand side of a T-account. 5) Resources a company owns or controls that are expected to yield future benefits are: A) Liabilities. B) Stockholders' Equity. C) Assets. D) Expenses. E) Revenues
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...
A company pays $800 dividends to stockholders. Indicate the amount of increases and decreases in the accounting equation. Assets - Liabilities + Stockholders' Equity
Indicate how the following transactions affect the accounting equation. a. The purchase of supplies on account. Assets decrease; stockholders' equity decreases b. The purchase of supplies for cash. Assets decrease; stockholders' equity decreases Payment of cash dividends to stockholders. Assets increase; liabilities increase d. Revenues received in cash. Assets increase; stockholders' equity increases Sale made on account. No effect e.
Bog Frog Co. pays $1,300 for office supplies that had been purchased on account during the prior month. Indicate the amount of increases and decreases in the accounting equation at the time of the payment. Assets = Liabilities + Stockholders' Equity +
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
Payment of accounts payable affects the components of the accounting equation in the following way: decreases assets and increases stockholders' equity. decreases stockholders' equity and decreases liabilities. decreases assets and decreases liabilities. O increases assets and decreases liabilities.
A
company provides services to customers on account for $2,400.
Indicate the amount of increases and decreases in the accounting
equation.
51. Below are the transactions for Cleaning Racer, Inc. for April, the first month of operations. April 1 April 2 April 7 April 10 April 12 April 16 April 19 April 23 April 29 April 30 April 30 Borrow$50,000 from the bank by signing a note. s sue common stock in exchange for cash of $20,000. Purchase equipment for...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not needed to record a transaction. D) Is the left-hand side of a T-account. E) Is the right-hand side of a T-account. 5) Resources a company owns or controls that are expected to yield future benefits are: A) Liabilities. B) Stockholders' Equity. C) Assets. D) Expenses. E) Revenues
Most questions answered within 3 hours.
-
T
F 53) Most differences
between human groups are the result of biology rather than
culture....
asked 1 minute ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 4 minutes ago -
Assignment:
Your
organization has made a strategic decision
to
outsourcework
currently performed in house. You have...
asked 3 minutes ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 4 minutes ago -
In preparing its cash flow statement for the year ended December
31, 2018, Green Co. gathered...
asked 5 minutes ago -
Donna is 18 years old and full time accounting student.She is
saving for an overseas holiday...
asked 6 minutes ago -
Service-oriented architectures (SOA) provide
object-oriented architectures for web platforms that represent a
collection of services. SOA...
asked 6 minutes ago -
Le Terroir Winery is considering an expansion project to produce
fine wines. The trial expansion will...
asked 15 minutes ago -
The Bahraini public budget experiences deficit in the last
seven years, what are procedures are taken...
asked 22 minutes ago -
You invested $30,000 in a mutual fund at the beginning of the
year when the NAV...
asked 26 minutes ago -
Would you expect the price elasticity of supply for guitars to
be more inelastic in the...
asked 28 minutes ago -
A snowmobile is originally at the point with position vector
30.1 m at 95.0° counterclockwise from...
asked 28 minutes ago