Homework Answers
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Answer)the total dollar amount of debits must equal the total dollar amount of credits for every entry there is debit and credit and the amount of both should be equal which in turn will ensure that the account equation balances . |
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In addition to requiring that the accounting equation remain in balance, the double entry system also...
Practice Exam Save Help Save & E Smit In addition to requiring that the accounting equation...
Practice Exam Save Help Save & E Smit In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that 27 Multiple Choice 2.5 pois SOR for any transaction, both sides of the accounting equation are affected for any transaction, only two accounts are affected the number of asset accounts must equal the number of liability and stockholder's equity accounts the total dollar amount of debit must equal the total dollar amount of credits <...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A)...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A) Balance sheet: expense on the balance sheet B) Balance sheet: liability on the income statement C) Income statement: liability on the balance sheet D) Income statement: expense on the income statement 7) In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: A) the total dollar amount of debits must equal the total dollar amount of credits....
:With double-entry accounting, each transaction requires: that at least three accounts are affected.unchecked that the total...
:With double-entry accounting, each transaction requires: that at least three accounts are affected.unchecked that the total debits equal the total debits.checked that at least two accounts are affected.unchecked that the total debits will equal the total credits.
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Which of the following is false with regards to the double-entry system of recording transactions? Group...
Which of the following is false with regards to the double-entry system of recording transactions? Group of answer choices A)Each transaction affects at least one income statement account and at least one balance sheet account. B)All of these are false. C)Each transaction affects the balances of at least two different accounts. D)None of these are false. E)Each transaction is recorded with an equal dollar amount of debits and credits.
In double-entry accounting: a. for every entry on the balance sheet, a corresponding and equal entry...
In double-entry accounting: a. for every entry on the balance sheet, a corresponding and equal entry must be made on the income statement. b. each entry on the chart of accounts must have a corroborating entry on the statement of cash flows. C. two sets of accounting books are maintained, one for external use and one accessible only to certain officers of the company. d. every business transaction affects two or more bookkeeping accounts.
can you give me the answer and explain why?also can you explain why E is incorrect....
can you give me the answer and explain why?also can you explain
why E is incorrect. thx
29. In recording accounting transactions in a double-entry system: There can only be two accounts recorded in any transaction. To accurately reflect a company's financial position, the two sides of the accounting equation must always stay in balance. The double-entry system assures that no mistakes are recorded during the year. There must always be entries made on both sides of the balance sheet...
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance...
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases. only one column may be affected because all of the specific accounts affected by the transaction are...
Show the effect, if any, of the transaction entry or adjustment on the appropriate balance sheet...
Show the effect, if any, of the transaction entry or adjustment on the appropriate balance sheet category or on the income statement by entering the amount and indicating whether it is an addition (+) or a subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included...
Business Forms and the Accounting Equation I have changed the numbers so that I am not...
Business Forms and the Accounting Equation I have changed the numbers so that I am not plagiarizing. I am just trying to learn this a more simpler way. please help by showing all work. Id like to depend on myself to do this. thank you A business is an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers. A business entity may take the form of...
Practice Exam Save Help Save & E Smit In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that 27 Multiple Choice 2.5 pois SOR for any transaction, both sides of the accounting equation are affected for any transaction, only two accounts are affected the number of asset accounts must equal the number of liability and stockholder's equity accounts the total dollar amount of debit must equal the total dollar amount of credits <...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A) Balance sheet: expense on the balance sheet B) Balance sheet: liability on the income statement C) Income statement: liability on the balance sheet D) Income statement: expense on the income statement 7) In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: A) the total dollar amount of debits must equal the total dollar amount of credits....
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
In double-entry accounting: a. for every entry on the balance sheet, a corresponding and equal entry must be made on the income statement. b. each entry on the chart of accounts must have a corroborating entry on the statement of cash flows. C. two sets of accounting books are maintained, one for external use and one accessible only to certain officers of the company. d. every business transaction affects two or more bookkeeping accounts.
can you give me the answer and explain why?also can you explain
why E is incorrect. thx
29. In recording accounting transactions in a double-entry system: There can only be two accounts recorded in any transaction. To accurately reflect a company's financial position, the two sides of the accounting equation must always stay in balance. The double-entry system assures that no mistakes are recorded during the year. There must always be entries made on both sides of the balance sheet...
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases. only one column may be affected because all of the specific accounts affected by the transaction are...
Show the effect, if any, of the transaction entry or adjustment on the appropriate balance sheet category or on the income statement by entering the amount and indicating whether it is an addition (+) or a subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included...
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