Homework Answers
Add Answer to:
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
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
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business 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 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
E. None of the above 7. Received $400 bill for utilities due in two weeks A....
E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets Increase; Liabilities Increase C. Assets Decrease; Equity Decreases D. Assets Increase; Assets Decrease E. None of the above 8. Paid $1,000 to assistant for wages A. Assets Increase; Liabilities Increase B. Assets Increase; Assets Decrease C. Liabilities Increase; Equity Decreases D. Assets Decrease; Equity Decreases E. None of the above
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
If a business receives a payment of $1,000 in June for the services rendered to a...
If a business receives a payment of $1,000 in June for the services rendered to a customer in May, which of the following is false? Select one: O a. decrease receivable by $1,000 June b. increase revenue by $1,000 in June c. increase revenue by $1,000 May d. increase cash by $1,000 in June O
Following the example shown in (a) below, indicate the effects of the listed transactions on assets,...
Following the example shown in (a) below, indicate the effects of
the listed transactions on assets, liabilities, and stockholders'
equity of John Dallmus, certified public accountant, a corporation:
Transaction Accounting effects a. Purchased, for cash, a desktop computer for use in the office ✓ b. Rendered accounting services and billed the client. Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity C. Paid utilities for the month. Increase assets, increase liabilities d. Rendered tax services to a client for cash....
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
A company performed services for a customer for cash. This transaction increased assets and: O A....
A company performed services for a customer for cash. This transaction increased assets and: O A. decreased stockholders' equity. O B. increased expenses. O C. increased revenues. OD. increased liabilities.
9, Keceived cash from customers when service was performed. Instructions List the numbers of the above...
9, Keceived cash from customers when service was performed. Instructions List the numbers of the above transactions answer is: (1) Increase in assets and increase in owner's equity Analyze the effecet of transactions on assets, liabilities, and ouner's equity. (LO 4) and deseribe the effet of each transaction on assets, liabilities, and owner's equity. For example, the first El-7 Falske Computer Timeshare Company entered into the following transáctions during May 2017. 1. Purchased computers for $20,000 from Digital Equipment on...
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
9. Diana, owner, withdrew $5,000 cash from the business 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 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets Increase; Liabilities Increase C. Assets Decrease; Equity Decreases D. Assets Increase; Assets Decrease E. None of the above 8. Paid $1,000 to assistant for wages A. Assets Increase; Liabilities Increase B. Assets Increase; Assets Decrease C. Liabilities Increase; Equity Decreases D. Assets Decrease; Equity Decreases E. None of the above
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
If a business receives a payment of $1,000 in June for the services rendered to a customer in May, which of the following is false? Select one: O a. decrease receivable by $1,000 June b. increase revenue by $1,000 in June c. increase revenue by $1,000 May d. increase cash by $1,000 in June O
Following the example shown in (a) below, indicate the effects of
the listed transactions on assets, liabilities, and stockholders'
equity of John Dallmus, certified public accountant, a corporation:
Transaction Accounting effects a. Purchased, for cash, a desktop computer for use in the office ✓ b. Rendered accounting services and billed the client. Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity C. Paid utilities for the month. Increase assets, increase liabilities d. Rendered tax services to a client for cash....
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
A company performed services for a customer for cash. This transaction increased assets and: O A. decreased stockholders' equity. O B. increased expenses. O C. increased revenues. OD. increased liabilities.
9, Keceived cash from customers when service was performed. Instructions List the numbers of the above transactions answer is: (1) Increase in assets and increase in owner's equity Analyze the effecet of transactions on assets, liabilities, and ouner's equity. (LO 4) and deseribe the effet of each transaction on assets, liabilities, and owner's equity. For example, the first El-7 Falske Computer Timeshare Company entered into the following transáctions during May 2017. 1. Purchased computers for $20,000 from Digital Equipment on...
Most questions answered within 3 hours.
-
A wind turbine at sea level uses a 60 m radius blade to convert
a 10...
asked 5 minutes ago -
In order to investigate how many hours a day students at their
school tend to spend...
asked 7 minutes ago -
Discuss why it is necessary to use repetitive statement, and use
segment codes to demonstrate your...
asked 11 minutes ago -
Need help with coming up with competitive strategies in
the furniture retail industry. Any help would...
asked 19 minutes ago -
how to select perpendicular gd&t tolerance value
using IT tolerance. and gave example
asked 26 minutes ago -
plz explain: A sound that changes pressure from 100 mPa to 10
mPa has a change...
asked 26 minutes ago -
What is the measured air concentration from a sample that has 38
μg of contaminant when...
asked 46 minutes ago -
In support of the argument that we have free will, what are the
implications of seemingly...
asked 47 minutes ago -
Share your thoughts concerning the pros and cons of using
natural products as anticancer agents. (please...
asked 56 minutes ago -
Describe in detail how your own actions reflect the
ideas shared in the discussion, and relate...
asked 1 hour ago -
Name and clearly describe one technique for determining the age
of fossils in geological context. Are...
asked 1 hour ago -
A ball is thrown with an initial velocity of 20.0 m/s at an
angle of 35.00...
asked 1 hour ago