Homework Answers
| Assets decrease $4847, liabilities decrease $4847, and equity does not change. | |||||||
| Option C is correct | |||||||
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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 $6819 to settle an account payable resulting from the...
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...
Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of...
Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of this transaction on the accounting equation? Select one: A. Assets Liabilities Shareholders' Equity No Effect No Effect No Effect B. Assets Liabilities Shareholders' Equity Increase $8,000 No Effect Increase $8,000 C. Assets Liabilities Shareholders' Equity Decrease $8,000 Decrease $8,000 No Effect D. Assets Liabilities Shareholders' Equity Increase $8,000 Decrease $8,000 No Effect
Max decides to open his own ice-cream store and deposits $25 000 into his new business...
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
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...
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...
plz fill in the form For each of the following transactions, select the account and its...
plz fill in the form
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets = Liabilities + Shareholders' Equity) (If no entry is required select No Entry for the account. For the effect, select "+" for Increase, "-" for Decrease and "NE" for No effect): Assets Transaction a. Issuance of shares for cash b. Purchase of land for cash C. Sale of services to a customer on credit d. Receipt of...
PLEASE HELP For each of the following transactions, select the account and its effect on the...
PLEASE HELP
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets - Liabilities + Shareholders' Equity): (if no entry is required select No Entry for the account and No Effect for the efftect. For Shareholder's equity select Retained Earnings for all activity.) Assets Liabilities Shareholder's equity Transaction a. Purchase of equipment for cash b. Receipt of a loan from a bank (Use bank loan payable) Increase Decrease No Effect c. Purchase...
Indicate how the following transactions affect the accounting equation. a. The purchase of supplies on account....
Indicate how the following transactions affect the accounting equation. a. The purchase of supplies on account. Assets decrease; stockholders' equity decreases b. The purchase of supplies for cash. Assets decrease; stockholders' equity decreases Payment of cash dividends to stockholders. Assets increase; liabilities increase d. Revenues received in cash. Assets increase; stockholders' equity increases Sale made on account. No effect e.
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's...
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Indicate the effect of the following transaction on the elements of the accounting equation. Paid creditors, on account assets increase; liabilities increase assets decrease; liabilities decrease assets decrease; liabilities increase assets decrease; owner's equity increase Question 9 3 pts List of the entire group of accounts maintained by a business. general journal chart of accounts T-account accounting...
A company collects cash from a customer to settle an account receivable. What effect does this...
A company collects cash from a customer to settle an account
receivable. What effect does this transaction have on the company's
total assets and total shareholders' equity?
No
effect
Increase
No
effect
No effect
Increase
Increase
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...
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
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...
plz fill in the form
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets = Liabilities + Shareholders' Equity) (If no entry is required select No Entry for the account. For the effect, select "+" for Increase, "-" for Decrease and "NE" for No effect): Assets Transaction a. Issuance of shares for cash b. Purchase of land for cash C. Sale of services to a customer on credit d. Receipt of...
PLEASE HELP
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets - Liabilities + Shareholders' Equity): (if no entry is required select No Entry for the account and No Effect for the efftect. For Shareholder's equity select Retained Earnings for all activity.) Assets Liabilities Shareholder's equity Transaction a. Purchase of equipment for cash b. Receipt of a loan from a bank (Use bank loan payable) Increase Decrease No Effect c. Purchase...
Indicate how the following transactions affect the accounting equation. a. The purchase of supplies on account. Assets decrease; stockholders' equity decreases b. The purchase of supplies for cash. Assets decrease; stockholders' equity decreases Payment of cash dividends to stockholders. Assets increase; liabilities increase d. Revenues received in cash. Assets increase; stockholders' equity increases Sale made on account. No effect e.
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Indicate the effect of the following transaction on the elements of the accounting equation. Paid creditors, on account assets increase; liabilities increase assets decrease; liabilities decrease assets decrease; liabilities increase assets decrease; owner's equity increase Question 9 3 pts List of the entire group of accounts maintained by a business. general journal chart of accounts T-account accounting...
A company collects cash from a customer to settle an account
receivable. What effect does this transaction have on the company's
total assets and total shareholders' equity?
No
effect
Increase
No
effect
No effect
Increase
Increase
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