Homework Answers
| Answer : Has no effect on total assets |
| Explanation : |
| Collection of accounts receivables will result in decrease in accounts receivable and an increase in cash account and thus net impact on total assets will be zero. |
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ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3...
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4...
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record all economic events. O events that result in a change in assets, liabilities, or shareholders' equity items. only events that involve cash. only events that include revenues, expenses, and cash. Question 5 (1 point) When a liability decreases the account is credited and the normal balance is a debit balance.
Receipt of cash before a good is provided or service is performed 1- increases an asset...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that...
Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company receives cash from an accounts receivable t. The company pays cash dividends to shareholders. c. The company made a cash withdrawal (dividend) to the owner. d. The company provides services for cash. e. The company pays cash toward an account payable. 1. The company purchases equipment on credit II Decreases an asset and...
Question 18 View Policies Current Attempt in Progress Collection of a $470 Accounts Receivable increases an...
Question 18 View Policies Current Attempt in Progress Collection of a $470 Accounts Receivable increases an asset $470; decreases an asset $470. decreases a liability $470; increases stockholders' equity $470. increases an asset $470; decreases a liability $470. decreases an asset $470; decreases a liability $470.
sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased...
sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased by $1.000, or stockholders' equity must have increased by 54,000 a nd stockholders' equity each increased by 59.000 asets must have increased by S4.000 S expare paid in the liabilities will decrease sockholders equity will increase d assets will decrease 19. The payment of a liability decreases assets and stockholders' equity Increases assets and decreases bites decreases assets and increases liabilities decreases assets and...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
Collection of $440 accounts receivable olection of a $440 Accounts Receivable Increaseh an asset $440; decreases...
Collection of $440 accounts receivable
olection of a $440 Accounts Receivable Increaseh an asset $440; decreases an asset $440. O decreases an asset $440; decreases a liability $440. increases an asset $440; decreases a liability $440 decreases a liability $440; increases stockholders' equity $440 lick if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE 200.201,Jetomerksons.Inc. Au Rights erved. A Division of letnyǐleyASensJnc. F8 F9 F10 7 0
QUESTION 3 Record the transaction below Shareholders' Equity The following events took pla place in Assets...
QUESTION 3 Record the transaction below Shareholders' Equity The following events took pla place in Assets Liabilities the first month of business Paid cash for inventory TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT. IF THERE IS NO Common Stock Retained Earnings EFFECT, SELECT "O NO EFFECT." -Assets (3,200) Cash; (3,200) Cost of Goods Sold B. (3,200) Inventory Expense C. 0 No Effect - Liabilities $ Common Stock (3,200)...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
BE2-2 Using the notion that the accounting equation (Assets = Liabilities + Stockholders' Equity) must remain...
BE2-2 Using the notion that the accounting equation (Assets = Liabilities + Stockholders' Equity) must remain in balance, indicate whether each of the following transactions is possible. a. Cash increases; Accounts Payable decreases. b. Service Revenue increases; Salaries Payable increases. c. Advertising Expense increases; Cash decreases.
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record all economic events. O events that result in a change in assets, liabilities, or shareholders' equity items. only events that involve cash. only events that include revenues, expenses, and cash. Question 5 (1 point) When a liability decreases the account is credited and the normal balance is a debit balance.
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
Exercise 1-12 Identifying effects of transactions on the accounting equation LO P1 Select a transaction that effects the accounting equation as follows: Transaction Effects a. The company receives cash from an accounts receivable t. The company pays cash dividends to shareholders. c. The company made a cash withdrawal (dividend) to the owner. d. The company provides services for cash. e. The company pays cash toward an account payable. 1. The company purchases equipment on credit II Decreases an asset and...
Question 18 View Policies Current Attempt in Progress Collection of a $470 Accounts Receivable increases an asset $470; decreases an asset $470. decreases a liability $470; increases stockholders' equity $470. increases an asset $470; decreases a liability $470. decreases an asset $470; decreases a liability $470.
sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased by $1.000, or stockholders' equity must have increased by 54,000 a nd stockholders' equity each increased by 59.000 asets must have increased by S4.000 S expare paid in the liabilities will decrease sockholders equity will increase d assets will decrease 19. The payment of a liability decreases assets and stockholders' equity Increases assets and decreases bites decreases assets and increases liabilities decreases assets and...
Collection of $440 accounts receivable
olection of a $440 Accounts Receivable Increaseh an asset $440; decreases an asset $440. O decreases an asset $440; decreases a liability $440. increases an asset $440; decreases a liability $440 decreases a liability $440; increases stockholders' equity $440 lick if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE 200.201,Jetomerksons.Inc. Au Rights erved. A Division of letnyǐleyASensJnc. F8 F9 F10 7 0
QUESTION 3 Record the transaction below Shareholders' Equity The following events took pla place in Assets Liabilities the first month of business Paid cash for inventory TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH EVEN IF THERE IS NO EFFECT. IF THERE IS NO Common Stock Retained Earnings EFFECT, SELECT "O NO EFFECT." -Assets (3,200) Cash; (3,200) Cost of Goods Sold B. (3,200) Inventory Expense C. 0 No Effect - Liabilities $ Common Stock (3,200)...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
BE2-2 Using the notion that the accounting equation (Assets = Liabilities + Stockholders' Equity) must remain in balance, indicate whether each of the following transactions is possible. a. Cash increases; Accounts Payable decreases. b. Service Revenue increases; Salaries Payable increases. c. Advertising Expense increases; Cash decreases.
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