Homework Answers
1)
| Effect | Transaction |
| a | Increase in asset (equipment) and decrease in asset (cash) |
| b | Increase in asset (land) and Increase in equity (stock) |
| c | Increase in asset (supplies) and decrease in asset (cash) |
| d | Increase in asset (equipment) and Increase in Liability |
| e | Increase in asset accounts receivable) and Increase in equity (revenue) |
| f | Decrease in asset (cash) and decrease in equity (dividend) |
| Asset | = | Liabilities | + | Equity | |||||||||||
| Cash | + | Accounts receivable | + | Equipment | = | Accounts payable | + | Common stock | - | Dividend | + | Revenue | - | Expense | |
| a | 63000 | 11000 | 74000 | ||||||||||||
| b | -1200 | 1200 | |||||||||||||
| Bal | 61800 | 0 | 11000 | 0 | 74000 | 0 | 0 | 1200 | |||||||
| c | 11000 | 11000 | |||||||||||||
| Bal | 61800 | 22000 | 11000 | 74000 | 1200 | ||||||||||
| d | 2700 | 2700 | |||||||||||||
| Bal | 64500 | 22000 | 11000 | 74000 | 2700 | 1200 | |||||||||
| e | 7400 | 7400 | |||||||||||||
| Bal | 64500 | 7400 | 22000 | 11000 | 74000 | 10100 | 1200 | ||||||||
| f | -5100 | 5100 | |||||||||||||
| Bal | 59400 | 7400 | 27100 | 11000 | 74000 | 10100 | 1200 | ||||||||
| g | -3100 | 3100 | |||||||||||||
| Bal | 56300 | 7400 | 27100 | 11000 | 74000 | 10100 | 4300 | ||||||||
| h | 5300 | -5300 | |||||||||||||
| Bal | 61600 | 2100 | 27100 | 11000 | 74000 | 10100 | 4300 | ||||||||
| i | -11000 | -11000 | |||||||||||||
| Bal | 50600 | 2100 | 27100 | 0 | 74000 | 10100 | 4300 | ||||||||
| J | -1300 | 1300 | |||||||||||||
| Bal | 49300 | + | 2100 | + | 27100 | = | 0 | + | 74000 | - | 1300 | + | 10100 | - | 4300 |
Add Answer to:
Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company purchases...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. Owner invested $63,000 cash in the company along with equipment that had a $11,000 market value in exchange for its common stock. The company paid $1,200 cash for rent of office space for the month. The company purchased $11,000 of additional equipment on credit (payment due within 30 days). The...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
Ming Chen began a professional practice on June 1 and plans to
prepare financial statements at the end of each month. During June,
Ming Chen (the owner) completed these transactions.
Owner invested $59,000 cash in the company along with equipment
that had a $16,000 market value in exchange for its common
stock.
The company paid $2,500 cash for rent of office space for the
month.
The company purchased $17,000 of additional equipment on credit
(payment due within 30 days).
The...
Ming Chen began a professional practice on June 1 and plans toprepare financial statements at...
Ming Chen began a professional practice on June 1 and plans to
prepare financial statements at the end of each month. During June,
Ming Chen (the owner) completed these transactions.Owner invested $67,000 cash in the company along with
equipment that had a $17,000 market value in exchange for its
common stock.The company paid $1,500 cash for rent of office space for the
month.The company purchased $17,000 of additional equipment on
credit (payment due within 30 days).The company completed work for...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Ju Ming Chen (the owner) completed these transactions.
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Ju Ming Chen (the owner) completed these transactions. a. Owner invested $62.000 cash in the company along with equipment that had a $23,000 market value in exchange for its comm stock b. The company paid $1.900 cash for rent of office space for the month c. The company purchased $15,000...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions a. Owner invested $59.000 cash in the company along with equipment that had a $14.000 market value in exchange for its common Stock b. The company paid $2,000 cash for rent of office space for the month C. The company purchased 511000 of additional equipment on credit (payment due within...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $64,000 cash in the company along with equipment that had a $20,000 market value in exchange for its common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions ok a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid...
Chor X Calex Mail * C Hom Roll Roll x W SPRIX G hard x FAQ...
Chor X Calex Mail * C Hom Roll Roll x W SPRIX G hard x FAQ newconnect.mheducation.com/flow/connect.html Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner completed these transactions a. Owner Invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its...
Ming chen began a professional practice on June 1 and plans to prepare financial statements at...
Ming chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During june, Ming Chen (the owner) complete these transactions. a. Owner invested $ 60,000 cash in the company along with equipment that had a $ 15,000 market value. b. The company paid $1500 cash for office space for the month. c. The company purchased $10,000 of additional equipment on credit ( payment due within 30 days). d. The company...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
Ming Chen began a professional practice on June 1 and plans to
prepare financial statements at the end of each month. During June,
Ming Chen (the owner) completed these transactions.
Owner invested $59,000 cash in the company along with equipment
that had a $16,000 market value in exchange for its common
stock.
The company paid $2,500 cash for rent of office space for the
month.
The company purchased $17,000 of additional equipment on credit
(payment due within 30 days).
The...
Ming Chen began a professional practice on June 1 and plans to
prepare financial statements at the end of each month. During June,
Ming Chen (the owner) completed these transactions.Owner invested $67,000 cash in the company along with
equipment that had a $17,000 market value in exchange for its
common stock.The company paid $1,500 cash for rent of office space for the
month.The company purchased $17,000 of additional equipment on
credit (payment due within 30 days).The company completed work for...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Ju Ming Chen (the owner) completed these transactions. a. Owner invested $62.000 cash in the company along with equipment that had a $23,000 market value in exchange for its comm stock b. The company paid $1.900 cash for rent of office space for the month c. The company purchased $15,000...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions a. Owner invested $59.000 cash in the company along with equipment that had a $14.000 market value in exchange for its common Stock b. The company paid $2,000 cash for rent of office space for the month C. The company purchased 511000 of additional equipment on credit (payment due within...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $64,000 cash in the company along with equipment that had a $20,000 market value in exchange for its common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions ok a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid...
Chor X Calex Mail * C Hom Roll Roll x W SPRIX G hard x FAQ newconnect.mheducation.com/flow/connect.html Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner completed these transactions a. Owner Invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its...
Most questions answered within 3 hours.
-
Write a program to solve the Josephus problem, with the following
modification:
Sample Input:
./a.out n...
asked 2 hours ago -
At the start of a CD it is spinning at a rate of 525 rpm
(revolutions...
asked 2 hours ago -
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 4 hours ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 5 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 5 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 5 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 6 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 6 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 6 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 6 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 6 hours ago -
Why are polymers not typically casted into products?
asked 6 hours ago