Homework Answers
Ans-
| S.No. | Effect | Reason |
| 1 | (c)- An increase in assets and an increase in liabilities | Increase in Equipment and increase in liabilities |
| 2 | (d)- A decrease in assets and a decrease in owner's equity | Decrease in cash and increase in expense |
| 3 | (a)-A decrease in assets and a decrease in assets | Increase in cash and decrease in AR |
| 4 | (b)-An increase in assets and an increase in owner's equity | Increase in cash and increase in revenue |
| 5 | (d)-A decrease in assets and a decrease in owner's equity | Decrease in cash and increase in expenses |
| 6 | (b)- An increase in assets and an increase in owner's equity | Increase in cash and increase in capital |
| 7 | (e)- A decrease in assets and a decrease in liabilities | Decrease in cash and decrease in liabilities |
| 8 | (f)- An increase in liabilities and decrease in owner's equity | Increase in accrued liabilities and increase in expense. |
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9, Keceived cash from customers when service was performed. Instructions List the numbers of the above...
Please explain what answers E1-7 Keystone Computer Timeshare Company entered into the following transactions during May...
Please explain what answers
E1-7 Keystone Computer Timeshare Company entered into the following transactions during May 2017 1. Purchased computers for $20,000 from Data Equipment on account. 2. Paid $3,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April. 4. Performed computer services for Ryan Construction Company for $2,700 cash. 5. Paid Midland Power Co. $11,000 cash for energy usage in May. 6. Stockholders invested an additional $32,000 in the business...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500...
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
Exercise 1-7 Keystone Computer Timeshare Company entered into the following transactions during May 2019 Describe the...
Exercise 1-7 Keystone Computer Timeshare Company entered into the following transactions during May 2019 Describe the effect of each transaction on assets, liabilities, and stockholders' equity 1. Purchased computers for $20,000 from Data Equipment on account. 2. Paid $3,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April 4. Performed computer services for Ryan Construction Company for $2,700 cash. 5. Paid Midland Power Co. $11,000 cash for energy usage in May...
Current Attempt in Progress Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the...
Current Attempt in Progress Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. 2. 3. Issued common stock to investors in exchange for cash received from investors. Paid monthly rent Received cash from customers when service was performed. Billed customers for services performed. Paid dividend to stockholders. 4. 5. 6. Incurred advertising expense on account. 7. 8. Received cash from customers billed in (4). Purchased additional...
Thank you Complete the table below by indicating the effect (Increase, Decrease, or No Effect) on...
Thank you
Complete the table below by indicating the effect (Increase, Decrease, or No Effect) on assets, liabilities, and owner's equity (an example has been provided) Owner's Assets Liabilities Transaction Pay miscellancous expenses Decrease No Effect Decrease 1) Paid salaries for current month. 2) Purchased equipment on credit. 3) Purchased furniture using cash. 4) Additional investment into the businesS 5) Received immediate payment for services provided. 6) Made partial payment for equipment purchased on credit 7) Billed customers for services...
1. In the columns below, indicate whether each transaction caused an increase (+), a decrease (-),...
1. In the columns below, indicate whether each transaction caused an increase (+), a decrease (-), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Assets Liabilities Owner's Equity 1. Investment by owner 2. Paid cash on account 3. Purchase office Supplies on Account 4. Collection of accounts receivable |||||| 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9. Purchased equipment; signed a...
signment CALCULATOR FULL SCREEN Problem 1-04A a-c (Video) Ruth Lewis started her own consulting firm, Sunland...
signment CALCULATOR FULL SCREEN Problem 1-04A a-c (Video) Ruth Lewis started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Trixie invested $7,800 cash in the business. 2 Paid $850 for office rent for the month. 3 Purchased $600 of supplies on account 5 Paid $110 to advertise in the County News 9 Received $4,400 cash for services performed 12 withdrew $1,100 cash for personal use. 15 Performed...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
Please explain what answers
E1-7 Keystone Computer Timeshare Company entered into the following transactions during May 2017 1. Purchased computers for $20,000 from Data Equipment on account. 2. Paid $3,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April. 4. Performed computer services for Ryan Construction Company for $2,700 cash. 5. Paid Midland Power Co. $11,000 cash for energy usage in May. 6. Stockholders invested an additional $32,000 in the business...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
TRANSACTIONS 1. Paid $2,100 for utilities. 2. Performed services for $10,500 on account 3. Received $6,500 from charge account customers 4. Paid salaries of $4,500 to employees 5. Paid $8,000 to a creditor on account. 6. Owner invested $90,000 in the business. 7. Purchased $26,700 of supplies on account. 8. Purchased equipment for $21,000 cash 9. Paid $6,000 for rent (in advance). 10. Performed services for $7,800 cash. Indicate the impact of each of the transactions below on the fundamental...
TRANSACTIONS 1 Owner invested $90,000 in the business 2 Purchased $26,700 supplies on account. 3. Purchased equipment for $21,000 cash. 4. Paid $6,000 for rent in advance). 5. Performed services for $7,800 cash. 6. Paid $2,160 for utilities 7. Performed services for $10,500 on account 8. Received $6,600 from charge account customers 9. Paid salaries of $4,500 to employees 10. Paid $6,000 to a creditor on account Indicate the impact of each of the transactions above on the fundamental accounting...
Exercise 1-7 Keystone Computer Timeshare Company entered into the following transactions during May 2019 Describe the effect of each transaction on assets, liabilities, and stockholders' equity 1. Purchased computers for $20,000 from Data Equipment on account. 2. Paid $3,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April 4. Performed computer services for Ryan Construction Company for $2,700 cash. 5. Paid Midland Power Co. $11,000 cash for energy usage in May...
Current Attempt in Progress Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. 2. 3. Issued common stock to investors in exchange for cash received from investors. Paid monthly rent Received cash from customers when service was performed. Billed customers for services performed. Paid dividend to stockholders. 4. 5. 6. Incurred advertising expense on account. 7. 8. Received cash from customers billed in (4). Purchased additional...
Thank you
Complete the table below by indicating the effect (Increase, Decrease, or No Effect) on assets, liabilities, and owner's equity (an example has been provided) Owner's Assets Liabilities Transaction Pay miscellancous expenses Decrease No Effect Decrease 1) Paid salaries for current month. 2) Purchased equipment on credit. 3) Purchased furniture using cash. 4) Additional investment into the businesS 5) Received immediate payment for services provided. 6) Made partial payment for equipment purchased on credit 7) Billed customers for services...
1. In the columns below, indicate whether each transaction caused an increase (+), a decrease (-), or no change (NC) in assets, liabilities, and owner's equity. (20%) Transaction Assets Liabilities Owner's Equity 1. Investment by owner 2. Paid cash on account 3. Purchase office Supplies on Account 4. Collection of accounts receivable |||||| 5. Withdrawal of cash by owner 6. Billed customers for services performed 7. Paid rent expense 8. Paid cash on accounts payable 9. Purchased equipment; signed a...
signment CALCULATOR FULL SCREEN Problem 1-04A a-c (Video) Ruth Lewis started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Trixie invested $7,800 cash in the business. 2 Paid $850 for office rent for the month. 3 Purchased $600 of supplies on account 5 Paid $110 to advertise in the County News 9 Received $4,400 cash for services performed 12 withdrew $1,100 cash for personal use. 15 Performed...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
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