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Bog Frog Co. pays $1,300 for office supplies that had been purchased on account during the...
A company purchases supplies on account for $2,100. Indicate the amount of increases and decreases in...
A company purchases supplies on account for $2,100. Indicate the amount of increases and decreases in the accounting equation. Assets ____ = liabilities _____ + stockholders equity _____
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.
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
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 pays $800 dividends to stockholders. Indicate the amount of increases and decreases in the...
A company pays $800 dividends to stockholders. Indicate the amount of increases and decreases in the accounting equation. Assets - Liabilities + Stockholders' Equity
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling...
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If $3,000 worth of office supplies is still on hand at month-end, what is the proper adjustment? Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS - LIABILITIES EQUITY REVENUE EXPENSE Office Supplies Office Supplies Expense +3.000 +3.000 -3,000 Ob INCOME STATEMENT BALANCE SHEET STOCKHOLDER'S - LIABILITIES EQUITY ASSETS Office Supplies 3.000 REVENUE - EXPENSE Office Supplies...
Tipper Inc. had the following transactions during 2020: • Sales of $13,000 on account for 2020...
Tipper Inc. had the following transactions during 2020: • Sales of $13,000 on account for 2020 • Collected $19.000 for services to be performed in 2021 • Paid $5,000 cash in salaries for 2020 • Purchased airline tickets for $2,000 in December for a trip to take place in 2021 What is Tipper Inc's 2020 net income using accrual accounting? $14,000 $8,000 $25,000 $6,000 5 pts Question 1 5 pts Question 15 Question 8 5 pts Borrowing money is an...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account....
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions...
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...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity (Put the amount of the change in the blank. Use a negative() sign to show a decrease and put a zero if the item was not affected.) A) The Company performs services and receives payment of $4,100 cash. How does this accounting equation? affect the Assets Liabilities Equity B) The Company performs $5,800 of services for a customer and sends...
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.
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
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 pays $800 dividends to stockholders. Indicate the amount of increases and decreases in the accounting equation. Assets - Liabilities + Stockholders' Equity
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If $3,000 worth of office supplies is still on hand at month-end, what is the proper adjustment? Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS - LIABILITIES EQUITY REVENUE EXPENSE Office Supplies Office Supplies Expense +3.000 +3.000 -3,000 Ob INCOME STATEMENT BALANCE SHEET STOCKHOLDER'S - LIABILITIES EQUITY ASSETS Office Supplies 3.000 REVENUE - EXPENSE Office Supplies...
Tipper Inc. had the following transactions during 2020: • Sales of $13,000 on account for 2020 • Collected $19.000 for services to be performed in 2021 • Paid $5,000 cash in salaries for 2020 • Purchased airline tickets for $2,000 in December for a trip to take place in 2021 What is Tipper Inc's 2020 net income using accrual accounting? $14,000 $8,000 $25,000 $6,000 5 pts Question 1 5 pts Question 15 Question 8 5 pts Borrowing money is an...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
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...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity (Put the amount of the change in the blank. Use a negative() sign to show a decrease and put a zero if the item was not affected.) A) The Company performs services and receives payment of $4,100 cash. How does this accounting equation? affect the Assets Liabilities Equity B) The Company performs $5,800 of services for a customer and sends...
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