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The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold,...
The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods...
The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods Sold 18,000 Inventory 18,000 Recorded cost of goods sold. What is the impact of this entry on the accounting equation? a. an increase in Assets and an increase in Equity b. a decrease in Assets and a decrease in Equity Oc. a decrease in Assets and a decrease in Liabilities Od. an increase in Assets and an increase in Liabilities
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects...
Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Liabilities, $34,000 decrease; equity, $34,000 increase o Assets, $34,000 decrease, liabilities, $34,000 increase o Assets, $34,000 decrease, equity $34.000 decrease o Assets, $34,000 decrease, liabilities, $34,000 decrease
1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common Stock (c) Supplies Expense (d) Notes Payable 2. Windward Inc. makes a payment of $500 on its accounts payable. How does this effect the accounting equation? a. Assets decrease and Liabilities decrease b. Assets increase and Equity Decreases c. Assets decrease and Equity decreases d. Assets increase and Liabilities increase e. Assets decrease and Liabilities increase 3. Chitron Corporation earns $750 working for a...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit...
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
The following transaction has been recorded in a particular accounting period. Determine the effect of this...
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
A company uses perpetual inventory system and recorded the following entry: Debit Credit Accounts Payable 2500...
A company uses perpetual inventory system and recorded the following entry: Debit Credit Accounts Payable 2500 Cash 2450 Merchandise Inventory 50 This entry reflects a?
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
A company uses perpetual inventory system and recorded the following entry: Debit Credit Accounts Payable 2500...
A company uses perpetual inventory system and recorded the following entry: Debit Credit Accounts Payable 2500 Cash 2450 Merchandise Inventory 50 This entry reflects a Select one: a. Return. b. Payment of the accounts payable and recognition of a cash discount taken. c. Sale. d. Purchase.
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods Sold 18,000 Inventory 18,000 Recorded cost of goods sold. What is the impact of this entry on the accounting equation? a. an increase in Assets and an increase in Equity b. a decrease in Assets and a decrease in Equity Oc. a decrease in Assets and a decrease in Liabilities Od. an increase in Assets and an increase in Liabilities
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Liabilities, $34,000 decrease; equity, $34,000 increase o Assets, $34,000 decrease, liabilities, $34,000 increase o Assets, $34,000 decrease, equity $34.000 decrease o Assets, $34,000 decrease, liabilities, $34,000 decrease
A cash purchase of of merchandise is recorded with the following entry: OA) debit Inventory; credit Sales OB) debit Cash; credit Inventory OC) debit Inventory; credit Cash OD) debit Cost of Goods Sold; credit Cash
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
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