Homework Answers
37) Receiving portion of account receivable increase cash and decrease account receivable
So there is no effect on total assets
So answer is a) Not effect on total assets
38) Revenue increase Cash or account receivable and increase revenue (retained earnings) stockholder's equity
So answer is d) Increases assets and stockholder's equity
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QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect...
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.
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...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued...
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? •...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned...
hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned by the company? Supplies Expense Revenue Accounts Payable Cash Submit Question 0 of 1 Attempts Used! Student Center | AccountingPass İsmail İbrahim urs 1/31 (ONE ATTEMPTED ONLY) Question #7 Cally Company makes a payment of $500 on its accounts payable. How does this effect the accounting equation? Assets increase and Equity Decreases Assets increase,and Liabilities increase Assets decrease and Liabilities increase Assets decrease and...
Q.3 How does the year-end adjusting entry to recognize uncollectible accounts expense affect the elements of...
Q.3 How does the year-end adjusting entry to recognize uncollectible accounts expense affect the elements of the financial statements? Multiple Choice A. Increase total assets and decrease stockholders’ equity. B. Increase total liabilities and increase stockholders’ equity. C. Decrease total assets and decrease stockholders’ equity. D. Decrease total liabilities and increase stockholders’ equity.
What’s the answer ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month...
What’s the answer
ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month for received affect the accounting equation? a. assets decrease, owner's equity decreases Ob. liabilities increase; owner's equity increases c. liabilities increase, owner's equity decreases Od. assets increase; liabilities increase
Payment of accounts payable affects the components of the accounting equation in the following way: decreases...
Payment of accounts payable affects the components of the accounting equation in the following way: decreases assets and increases stockholders' equity. decreases stockholders' equity and decreases liabilities. decreases assets and decreases liabilities. O increases assets and decreases liabilities.
when unearned revenue is initially recorded as revenue , the adjusting entry has the following affect...
when unearned revenue is initially recorded as revenue , the adjusting entry has the following affect on financial statement a) net income increases and assets decrease b) revenue increases and liabilities decrease c) net income increases and owners equity decreases d) revenue decreases and owners equity increases
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which...
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which each of the following items/ Item Income Statement Shareholders' Equity Asset Balance Sheet Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports' first year of operations, assets are $750,000 and owners' equity is...
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.
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? •...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned by the company? Supplies Expense Revenue Accounts Payable Cash Submit Question 0 of 1 Attempts Used! Student Center | AccountingPass İsmail İbrahim urs 1/31 (ONE ATTEMPTED ONLY) Question #7 Cally Company makes a payment of $500 on its accounts payable. How does this effect the accounting equation? Assets increase and Equity Decreases Assets increase,and Liabilities increase Assets decrease and Liabilities increase Assets decrease and...
What’s the answer
ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month for received affect the accounting equation? a. assets decrease, owner's equity decreases Ob. liabilities increase; owner's equity increases c. liabilities increase, owner's equity decreases Od. assets increase; liabilities increase
Payment of accounts payable affects the components of the accounting equation in the following way: decreases assets and increases stockholders' equity. decreases stockholders' equity and decreases liabilities. decreases assets and decreases liabilities. O increases assets and decreases liabilities.
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which each of the following items/ Item Income Statement Shareholders' Equity Asset Balance Sheet Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports' first year of operations, assets are $750,000 and owners' equity is...
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