Homework Answers
Option B: Purchasing of a building by issuing a note payable- will increase asset and liability simultaneously.
The entry for this transaction would be: Bulding (Asset) Dr. XXXX
Notes Payable (Liability) Cr. XXXX
When an asset is debited or a liability is credited, it will increase respectively.
Add Answer to:
Which of the following transactions would cause an increase in both the assets and liabilities of...
Which of the following would increase assets and increase liabilities? Multiple Choice O Pay dividends to...
Which of the following would increase assets and increase liabilities? Multiple Choice O Pay dividends to stockholders. Pay dividends to stockholders. Receive a utility bill for the current month. Plan to pay bill beginning of next month. Purchase office supplies on account. o oo Provide services to customers on account.
Question 1 4 pts Which of the following transactions will not cause a change in the...
Question 1 4 pts Which of the following transactions will not cause a change in the amount of total assets of a business? O purchased a piece of equipment by paying 1/2 down and agreeing to pay the remainder in 30 days O purchased supplies on account sold inventory costing $20,000 to a customer for $50,000 cash collected cash from customers for services performed for the customers in the previous month paid dividends to stockholders
Please analyze transactions with a assets=liabilities+stockholders' equity table. Ending cash balance equals $18,270, while total assets...
Please analyze transactions with a
assets=liabilities+stockholders' equity table. Ending cash balance
equals $18,270, while total assets come out to $23,770. Net income
totals to $2,170
P3-2A Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during the month of May. 1 Stockholders invested S15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid...
Which of the following transactions would have no effect on total assets, total liabilities, or owner's...
Which of the following transactions would have no effect on total assets, total liabilities, or owner's equity? O A. purchasing supplies on account B. purchasing supplies for cash O C. payment of a liability D. borrowing cash by issuing a note payable
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue,...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the for account titles Provided services on account. Account Name Account Type Increase/Decrease Debit/Credit Purchase of building with note Account Name Account Type Increase/Decrease Debit/Credit Enter the following transactions as journal entries. Record debits first, then credits Received $7,000 utility bill to be paid...
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner,...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
Liabilities can be listed as both long-term and short-term, based on the time frame for paying...
Liabilities can be listed as both long-term and short-term, based on the time frame for paying them. You have a notes payable which was issued to purchase inventory and it was issued on 10/15/xx and is for 90 days. Determine how to report this on balance sheet and support your reason for this reporting. The company knows they cannot pay this note in 90 days and is working to convert it to be payable over 15 months. Does this change...
A sole proprietorship reported the following transactions for the month of March. The transactions have been...
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
The following transactions have been journalized and posted to the proper accounts. March is the first...
The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations for the sole proprietorship. Mar. 1: The business received $7.000 cash from the owner in exchange for capital. Mar. 2: Paid the first month's rent of $800. Mar. 3: Purchased equipment by paying $3,000 cash and executing a note payable for $4,000. Mar. 4: Purchased office supplies for $750 cash Mar. 5: Billed a client for $12.000 of design services...
Which of the following would increase assets and increase liabilities? Multiple Choice O Pay dividends to stockholders. Pay dividends to stockholders. Receive a utility bill for the current month. Plan to pay bill beginning of next month. Purchase office supplies on account. o oo Provide services to customers on account.
Question 1 4 pts Which of the following transactions will not cause a change in the amount of total assets of a business? O purchased a piece of equipment by paying 1/2 down and agreeing to pay the remainder in 30 days O purchased supplies on account sold inventory costing $20,000 to a customer for $50,000 cash collected cash from customers for services performed for the customers in the previous month paid dividends to stockholders
Please analyze transactions with a
assets=liabilities+stockholders' equity table. Ending cash balance
equals $18,270, while total assets come out to $23,770. Net income
totals to $2,170
P3-2A Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during the month of May. 1 Stockholders invested S15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid...
Which of the following transactions would have no effect on total assets, total liabilities, or owner's equity? O A. purchasing supplies on account B. purchasing supplies for cash O C. payment of a liability D. borrowing cash by issuing a note payable
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the for account titles Provided services on account. Account Name Account Type Increase/Decrease Debit/Credit Purchase of building with note Account Name Account Type Increase/Decrease Debit/Credit Enter the following transactions as journal entries. Record debits first, then credits Received $7,000 utility bill to be paid...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
A sole proprietorship reported the following transactions for the month of March. The transactions have been journalized and posted to the proper accounts. Mar. 1 The business received $7,000 cash from the owner in exchange for capital Mar. 2 Paid the first month's rent of $800, Mar. 3 Purchased equipment by paying $3,000 cash and executing a note payable for $3,000, Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $13,000 of design services completed,...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations for the sole proprietorship. Mar. 1: The business received $7.000 cash from the owner in exchange for capital. Mar. 2: Paid the first month's rent of $800. Mar. 3: Purchased equipment by paying $3,000 cash and executing a note payable for $4,000. Mar. 4: Purchased office supplies for $750 cash Mar. 5: Billed a client for $12.000 of design services...
Most questions answered within 3 hours.
-
You're examining some of the tiny printing on one of the newer
twenty-dollar bills. A 1.5...
asked 1 minute ago -
Discuss several common sources of secondary data coming from
government sources.
asked 4 minutes ago -
This is a basic java program where you convert units using only
loops, control statements and...
asked 4 minutes ago -
A sample survey at a supermarket showed that 204 of 300 shoppers
regularly use cents-off coupons....
asked 49 minutes ago -
1. Find the area under the standard normal curve that lies
outside the interval between z=...
asked 21 minutes ago -
In ________ mode, the interpreter reads the contents of a file
that contains Python statements and...
asked 37 minutes ago -
1.
The second-order rate constant for self-reaction of hydroxyl
radicals
2 OH → H2O + O...
asked 27 minutes ago -
What is the most important factor leading to improved resource
efficiency over the long run?
asked 23 minutes ago -
Defend the effectiveness of teamwork in an organization.
(Use no more than 30 words)
asked 25 minutes ago -
Promotional strategies can assist in moving a product through
the channel of distribution. (a) Briefly explain...
asked 25 minutes ago -
Discuss why new and improved security measures are not enough to
stop online crime, What is...
asked 30 minutes ago -
A person whose weight is 516 N is being pulled up vertically by
a rope from...
asked 44 minutes ago