Homework Answers
Answer
- $ 345 received as Advance for summer period to come.
This will:
>Increase the Cash balance, as cash is received,
>Increase ‘Unearned revenue’ a liability account because amount received is not yet earned. - Correct Answer:
- --Option ‘C’ Assets (Cash) increases by $ 345 and Liabilities (Unearned Revenue) increases by $ 345.
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You operate a lawn care business. On May 1, 20x4, one of your customers paid you...
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On November 15, 20x2, Trink Ltd. paid $6819 to settle an account payable resulting from the...
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lected transactions for Verdent Lawn Care Company are as follows. Describe the effect of each transaction...
lected transactions for Verdent Lawn Care Company are as
follows.
Describe the effect of each transaction on assets, liabilities, and
stockholders’ equity.
For example, the first answer is: Increase in assets and increase
in stockholders’ equity.
1.
Sold common stock for cash to start business.
Increase in assets and increase in stockholders’ equity.
2.
Paid monthly rent.
Select an effect
Increase in assets and increase in stockholders’ equityDecrease in
assets and decrease in stockholders’ equityIncrease in assets and
increase in...
In May, Rec Rooms, Inc., collected $8,000 owed by customers for services performed in April. Show...
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On November 15, 20x2, Trink Ltd. paid $4847 to settle an account payable resulting from the...
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,...
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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...
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Max decides to open his own ice-cream store and deposits $25 000 into his new business bank account on 1 October. The effect of this transaction on the accounting equation is: Select one: O a Assets increase by $25 000; Equity decreases by $25 000. b. Assets increase by $25 000; Liabilities increase by $25 000. C Assets decrease by $25 000; Equity decreases by $25 000. O d. Assets increase by$25 000; Equity increases by $25 000
lected transactions for Verdent Lawn Care Company are as
follows.
Describe the effect of each transaction on assets, liabilities, and
stockholders’ equity.
For example, the first answer is: Increase in assets and increase
in stockholders’ equity.
1.
Sold common stock for cash to start business.
Increase in assets and increase in stockholders’ equity.
2.
Paid monthly rent.
Select an effect
Increase in assets and increase in stockholders’ equityDecrease in
assets and decrease in stockholders’ equityIncrease in assets and
increase in...
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
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