Homework Answers
1) dividend pay to shareholders decrease assets and decrease equity
2) Utilities bill received effect increase liabilities and decrease stockholder's equity
3) Purchase office supplies on account increase assets and increase liabilities
4) Service provided on account increase assets and increase stockholders equity
So answer is c) Purchase office supplies on account
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Which of the following would increase assets and increase liabilities? Multiple Choice O Pay dividends to...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
Which of the following transactions would cause an increase in both the assets and liabilities of...
Which of the following transactions would cause an increase in both the assets and liabilities of a company? Multiple Choice Pay for inventory purchased 90 days ago. Purchase of a building by issuing a note payable. Paying for the current month's rent. Services received on account
Investment (2pts) 9) Which of the following situations increase stockholders equity O Cash is received from...
Investment (2pts) 9) Which of the following situations increase stockholders equity O Cash is received from customers o Services provided on account 0. Utility bill will be paid next month O Supplies purchased on account
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase of office supplies on account (and remain unused). c. Interest owed on borrowed amounts. d. Collection of cash from customers. e. Dividend payments to stockholders. A company had the following transactions: 1. Receive cash in advance from customers, $400. 2. Provide services to customers on account, $500. 3. Pay cash for maintenance costs in the current period, $100. 4. Incur (but do not pay)...
Required: For each activity, indicate the impact on the accounting equation. After doing so for all...
Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a negative.) Transaction Assets Liabilities + Stockholders' Equity $ 1,790 $ 1,790 $ 0 1. Provide services to customers on account, $1,790. 2. Pay $260 for current month's rent. 3. Hire a new employee, who will be paid $690...
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue,...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the for account titles Provided services on account. Account Name Account Type Increase/Decrease Debit/Credit Purchase of building with note Account Name Account Type Increase/Decrease Debit/Credit Enter the following transactions as journal entries. Record debits first, then credits Received $7,000 utility bill to be paid...
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
How many of the following transactions would increase total stockholders’ equity in the current period? •...
How many of the following transactions would increase total stockholders’ equity in the current period? • Pay dividends to stockholders. • Delay payment on supplies purchased until the following period. • Provide services on account to customers. • Borrow cash from a local bank.
A increases, B. decreases, or C. has no effect. The item (a) is provided as an...
A increases, B. decreases, or C. has no effect. The item (a) is provided as an example. (a) Provided services to a customer on account. (Revenue increases causing Stockholders' Equity to Assets increase, and no effect on Liabilities). 6. Borrowed money from the bank 7. Purchased land by signing a note payable. 8. Used supplies for the month. Asset Liability Stockholders' Equity А 6. ncrease CA Increase no effect CC increase () increase CAD no effect CC decreased B no...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
Which of the following transactions would cause an increase in both the assets and liabilities of a company? Multiple Choice Pay for inventory purchased 90 days ago. Purchase of a building by issuing a note payable. Paying for the current month's rent. Services received on account
Investment (2pts) 9) Which of the following situations increase stockholders equity O Cash is received from customers o Services provided on account 0. Utility bill will be paid next month O Supplies purchased on account
Required: For each activity, indicate the impact on the accounting equation. After doing so for all transactions, ensure that the accounting equation remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a negative.) Transaction Assets Liabilities + Stockholders' Equity $ 1,790 $ 1,790 $ 0 1. Provide services to customers on account, $1,790. 2. Pay $260 for current month's rent. 3. Hire a new employee, who will be paid $690...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the for account titles Provided services on account. Account Name Account Type Increase/Decrease Debit/Credit Purchase of building with note Account Name Account Type Increase/Decrease Debit/Credit Enter the following transactions as journal entries. Record debits first, then credits Received $7,000 utility bill to be paid...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
A increases, B. decreases, or C. has no effect. The item (a) is provided as an example. (a) Provided services to a customer on account. (Revenue increases causing Stockholders' Equity to Assets increase, and no effect on Liabilities). 6. Borrowed money from the bank 7. Purchased land by signing a note payable. 8. Used supplies for the month. Asset Liability Stockholders' Equity А 6. ncrease CA Increase no effect CC increase () increase CAD no effect CC decreased B no...
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