what does the word for mean in accounting? For example “ I received cash for common...
Homework Answers
The words "for" means in lieu of, in exchange of. for example, cash is received in exchange of common stocks which I sold.
Everything which has a impact in business needs to be journalised and whose value can be determined.
For example, 25000 chairs purchased in cash can't be journalized but 25000 chairs purchased in cash at the rate of $10 per chair can be.
Purchase cost = $10 *25,000 = $250,000
Furniture ( Chairs) $250,000
Cash $250,000
In a journal, the debit and the credit side of transaction must have the equal balance each time.
Add Answer to:
what does the word for mean in accounting? For example “ I received
cash for common...
Cash has a normal debit balance. What does this mean in accounting? Be specific and provide...
Cash has a normal debit balance. What does this mean in accounting? Be specific and provide as many details about this as you can. Use examples, and show that you know the importance of this concept!
When a company issues common stock for cash, what is the effect on the accounting equation...
When a company issues common stock for cash, what is the effect on the accounting equation for the company? Select one: a. Assets increase and liabilities increase. O b. Liabilities decrease and stockholders' equity increases. O C. Assets increase and stockholders' equity increases. O d. Assets decrease and liabilities decrease. Jump to... • How Accounting Systems Work (B. il auto.proctoru.com is sharing your screen. Stop sharing Hide
A company received $31,000 cash and issued common stock in exchange. How does this transaction affect...
A company received $31,000 cash and issued common stock in exchange. How does this transaction affect the accounting equation?
A company received $35,000 cash and issued common stock in exchange. How does this transaction affect the accountin...
A company received $35,000 cash and issued common stock in exchange. How does this transaction affect the accounting equation? O A. Add $35,000 to Cash and add $35,000 to Common Stock OB. Add $35,000 to Dividends and subtract $35,000 from Retained Earnings OC. Add $35,000 to Cash and add $35,000 to Retained Earnings. OD. Add $35,000 to Cash and add $35,000 to Revenue
Does an increase in a firm's cash cycle necessarily mean that a firm is managing its...
Does an increase in a firm's cash cycle necessarily mean that a firm is managing its cash poorly? (Select all of the choices below that apply.) A. No. An increase in a firm's cash cycle does not necessarily mean that the firm is managing its cash poorly The increase may be due to a conscious management decision. For example, a firm may decide to increase its inventory in order if it has been experiencing excessive stock-outs. All else equal, this...
What is the impact on the accounting equation when a payment of account payable is made?...
What is the impact on the accounting equation when a payment of account payable is made? both sides increase both sides decrease only the Asset side changes neither side changes Which of the following accounts is increased by a debit? Common Stock Accounts Payable Supplies Service Revenue What is the impact on the accounting equation when an accounts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Which set...
In accounting what does the term normal balance mean?
In accounting what does the term normal balance mean?
1. Cash has a normal debit balance. What does this mean in accounting? Be specific and...
1. Cash has a normal debit balance. What does this mean in accounting? Be specific and provide as many details about this as you can. Use examples. 2. The following accounts and their balances are listed below: Prepare the first journal entry to close the temporary accounts: Fees Earned $5,000 Rent Expense $2,000 Supplies Expense $1,000 Toby, Capital $500,000 3. Prepare the journal entry to close the following two accounts: Utility Expense $100 Salary Expense $50 4. Match the following...
Eagle Eye, Inc., a corporation, received an additional investment of $6,000 cash in exchange for shares...
Eagle Eye, Inc., a corporation, received an additional investment of $6,000 cash in exchange for shares of common stock. How does this transaction affect Eagle Eye's accounts? Select one: a. Increase common stock and increase cash by $6,000 each O b. Increase common stock and increase revenue by $6,000 each O C. Increase in stock expense and decrease cash by $6,000 each d. Increase common stock and decrease retained earnings by $6,000 each O Check The liabilities that are due...
Independent Research Accounting 1. What does it mean to say that accounting is a transformative process?...
Independent Research Accounting 1. What does it mean to say that accounting is a transformative process? 2. What makes an asset a current asset as opposed to a long-term asset? Why is this classification useful? 3. Some events that occur within a business do not have an impact on any of the elements of the balance sheet. Why? 4. What are the two main sources of equity reported on a balance sheet and how do they differ? 5. Explain how...
When a company issues common stock for cash, what is the effect on the accounting equation for the company? Select one: a. Assets increase and liabilities increase. O b. Liabilities decrease and stockholders' equity increases. O C. Assets increase and stockholders' equity increases. O d. Assets decrease and liabilities decrease. Jump to... • How Accounting Systems Work (B. il auto.proctoru.com is sharing your screen. Stop sharing Hide
A company received $35,000 cash and issued common stock in exchange. How does this transaction affect the accounting equation? O A. Add $35,000 to Cash and add $35,000 to Common Stock OB. Add $35,000 to Dividends and subtract $35,000 from Retained Earnings OC. Add $35,000 to Cash and add $35,000 to Retained Earnings. OD. Add $35,000 to Cash and add $35,000 to Revenue
Does an increase in a firm's cash cycle necessarily mean that a firm is managing its cash poorly? (Select all of the choices below that apply.) A. No. An increase in a firm's cash cycle does not necessarily mean that the firm is managing its cash poorly The increase may be due to a conscious management decision. For example, a firm may decide to increase its inventory in order if it has been experiencing excessive stock-outs. All else equal, this...
Eagle Eye, Inc., a corporation, received an additional investment of $6,000 cash in exchange for shares of common stock. How does this transaction affect Eagle Eye's accounts? Select one: a. Increase common stock and increase cash by $6,000 each O b. Increase common stock and increase revenue by $6,000 each O C. Increase in stock expense and decrease cash by $6,000 each d. Increase common stock and decrease retained earnings by $6,000 each O Check The liabilities that are due...
Most questions answered within 3 hours.
-
Which of the following is true for simultaneous testing?
a. Net specificity is greater than the...
asked 1 minute from now -
Brittle material has the properties Sut = 30 kpsi and Suc = 90
kpsi. Using the...
asked 1 minute ago -
*
write about Plastic recycling statistics ( Plastic recycling rate )
last two years , i...
asked 30 seconds ago -
Discuss the importance of homologous recombination and
transposition in natural horizontal gene transfer and evolution. Be...
asked 2 minutes ago -
The activation energy for a given reaction is 50.3 kJ/mol. If
the rate constant for the...
asked 53 minutes ago -
An entomologist discovers a dung beetle rolling a ball of dung
along the ground, and decides...
asked 2 hours ago -
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 4 hours ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 5 hours ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 5 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 6 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 6 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 6 hours ago