Sunfish & Company collected $8,000 from an outstanding
account receivable.
What would be the effect of this transaction on the accounting
equation?
Select one:
A.
Assets |
Liabilities |
Shareholders' Equity |
No Effect |
No Effect |
No Effect |
B.
Assets |
Liabilities |
Shareholders' Equity |
Increase $8,000 |
No Effect |
Increase $8,000 |
C.
Assets |
Liabilities |
Shareholders' Equity |
Decrease $8,000 |
Decrease $8,000 |
No Effect |
D.
Assets |
Liabilities |
Shareholders' Equity |
Increase $8,000 |
Decrease $8,000 |
No Effect |
Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of...
The balance sheet account used to report the amount of accounts receivable that a company does not expect to collect is called ________. A) net accounts receivable B) allowance for uncollectible accounts C) uncollectible accounts expense D) bad debts expense What is the effect on the accounting equation of writing off an uncollectible account of $75? A) increase assets $75 and decrease liabilities $75 B) decrease assets $75 and decrease liabilities $75 C) decrease assets $75 and increase expense $75...
The balance sheet account used to report the amount of accounts receivable that a company does not expect to collect is called ________. A) net accounts receivable B) allowance for uncollectible accounts C) uncollectible accounts expense D) bad debts expense What is the effect on the accounting equation of writing off an uncollectible account of $75? A) increase assets $75 and decrease liabilities $75 B) decrease assets $75 and decrease liabilities $75 C) decrease assets $75 and increase expense $75...
In May, Rec Rooms, Inc., collected $8,000 owed by customers for services performed in April. Show the effect of this collection on the accounting equation. If there is no effect, select "O No Effect." A. 8,000 Cash; (8,000) Accounts Receivable B. 8,000 Accounts Receivable; (8,000) Cash C. 8,000 Accounts Payable A Assets D. O No Effect Liabilities E. (8,000) Accounts Receivable Shareholders' Equity F. 8,000 Cash G. 8,000 Cash; (8,000) Accounts Payable H. 8,000 Accounts Receivable
A company collects cash from a customer to settle an account receivable. What effect does this transaction have on the company's total assets and total shareholders' equity? No effect Increase No effect No effect Increase Increase
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets = Liabilities + Shareholders’ Equity) (If no entry is required select No Entry for the account. For the effect, select "+" for Increase, "-" for Decrease and "NE" for No effect): Transaction Assets a. Issuance of shares for cash b. Purchase of land for cash C. Sale of services to a customer on credit d. Receipt of cash from customers as payments...
On November 15, 20x2, Trink Ltd. paid $6819 to settle an account payable resulting from the purchase of goods on account in October 20x2. What is the effect of this business transaction on the accounting equation of Trink? Select one: a. Assets decrease $6819, liabilities decrease $6819, and equity does not change o b. Assets increase $6819, liabilities increase $6819, and equity does not change C. Assets decrease $6819, liabilities decrease $6819, and equity decreases $6819 O d. Assets decrease...
On November 15, 20x2, Trink Ltd. paid $4847 to settle an account payable resulting from the purchase of goods on account in October 20x2. What is the effect of this business transaction on the accounting equation of Trink? Select one: a. Assets increase $4847, liabilities increase $4847, and equity does not change b. Assets decrease $4847, liabilities do not change, and equity decreases $4847 c. Assets decrease $4847, liabilities decrease $4847, and equity does not change d. Assets decrease $4847,...
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
Collection of an account receivable would: O A. have no effect on owner's equity B. decrease owner's equity O C. increase total assets D. decrease liabilities
PLEASE HELP For each of the following transactions, select the account and its effect on the basic accounting equation (Assets - Liabilities + Shareholders' Equity): (if no entry is required select No Entry for the account and No Effect for the efftect. For Shareholder's equity select Retained Earnings for all activity.) Assets Liabilities Shareholder's equity Transaction a. Purchase of equipment for cash b. Receipt of a loan from a bank (Use bank loan payable) Increase Decrease No Effect c. Purchase...