Homework Answers
As the owners withdraw $ 2,000 cash it will effect in decrease of cash in the asset side balance sheet and decrease the owners equity.
So ans will be
B. Asset decrease by $2,000 and equity decrease by $2,000
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ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets...
When a company issues common stock for cash, what is the effect on the accounting equation...
When a company issues common stock for cash, what is the effect on the accounting equation for the company? Select one: a. Assets increase and liabilities increase. O b. Liabilities decrease and stockholders' equity increases. O C. Assets increase and stockholders' equity increases. O d. Assets decrease and liabilities decrease. Jump to... • How Accounting Systems Work (B. il auto.proctoru.com is sharing your screen. Stop sharing Hide
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions...
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If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation...
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1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
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If a company receives $11,600 from the owner to establish a proprietorship, the effect on the...
If a company receives $11,600 from the owner to establish a proprietorship, the effect on the accounting equation would be: A. Assets decrease $11,600 and equity decreases $11,600 B. Assets increase $11,600 and liabilities decrease $11,600 C. Assets increase $11,600 and liabilities increase $11,600 D. Liabilities increase $11,600 and equity decreases $11,600
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued...
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9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
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Which of the following is NOT a possible effect on the accounting equation from a single...
Which of the following is NOT a possible effect on the accounting equation from a single transaction of $1,000? A. Assets increase by $1,000; Equity increases by $1000; no other changes B. Liabilities decrease by $1000; Equity decreases by $1000; no other changes C. Liabilities increase by $1,000; Equity decrease by $1000; no other changes D. Assets decrease by $1,000; Liabilities decrease by $1000; no other changes
When a company issues common stock for cash, what is the effect on the accounting equation for the company? Select one: a. Assets increase and liabilities increase. O b. Liabilities decrease and stockholders' equity increases. O C. Assets increase and stockholders' equity increases. O d. Assets decrease and liabilities decrease. Jump to... • How Accounting Systems Work (B. il auto.proctoru.com is sharing your screen. Stop sharing Hide
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation would be Assets decrease $1.500 and equity decreases $1,300. DA Assets increase $1,300 and liabilities decrease $1,300 B. Assets increase $1,300 and liabilities increase $1,300 One asset increases $1,300 and another asset decreases $1,300, causing no effect ving to another question will save this response.
Smith Company pays $3,000 cash for Rent Expense. What is the effect on the accounting equation? O A. Cash decreases by $3,000 and Equity decreases by $3,000. O B. Cash decreases by $3,000 and Accounts Payable decreases by $3,000. O c. Cash decreases by $3,000 and Service Revenue decreases by $3,000. O D. The amount of total assets remains the same. Click to select your answer.
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
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