Homework Answers
Answer ----False .
.
When recording a transaction it is not necessary that one account is increased and another account is decreased. For example if equipment is purchased on credit equipment account will increase as well as accounts payable will increase.
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True or False - Impact of Transactions on Accounts When a transaction is recorded, one account...
Are the following statements true or false? When entering transactions on the T-Account balance sheet, there...
Are the following statements true or false? When entering transactions on the T-Account balance sheet, there will always be at least two entries for each transaction. (Select] Consider your personal balance sheet: your checking account balance is an example of a liability. (Select] In the T-Account, assets are recorded on the right side and liabilities are recorded on the left side. [Select] A T-Account is used to visually represent a person's assets and liabilities. [Select]
QUESTION 3 The ledger (T-accounts) keeps track of the balance in each account. True False QUESTION...
QUESTION 3 The ledger (T-accounts) keeps track of the balance in each account. True False QUESTION 4 The process of putting transactions into the books begins with the ledger (T-accounts). True False QUESTION 5 The income statement is a product of accounting and has a timeframe of over a period of time. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 1 Credit sales are a transaction. True False QUESTION...
Debits always increase an account, while credits decrease an account. Select one: O a. TRUE b....
Debits always increase an account, while credits decrease an account. Select one: O a. TRUE b. FALSE
The president of Blossom Company asks if you could indicate the impact certain transactions have on...
The president of Blossom Company asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Blossom Company. Current Ratio Accounts Receivable Turnover (10x) Average Collection Period (36.5 days) Transaction 1. Received $6,000 on cash sale. The cost of the goods sold was $3,120 Decrease No effect No effect 2. Recorded bad debt expense of $600 using...
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types,...
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. 2 Н Provided services on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Owner contribution of furniture in exchange for common stock Account 1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Pald for a one year insurance...
True False Question 17 If a transaction cannot be recorded in a special journal, it indicates...
True False Question 17 If a transaction cannot be recorded in a special journal, it indicates that the company should adopt an electronic accounting system. O True O False
Post each transaction to T-accounts and compute the end balance of each account. Consider the recorded...
Post each transaction to T-accounts and compute the end balance
of each account.
Consider the recorded transactions below. Debit 7,600 Credit 1. Accounts Receivable Service Revenue 7,600 1,900 2. Supplies Accounts Payable 1,900 9,400 3. Cash Accounts Receivable 9,400 4. Advertising Expense Cash 1,100 1,100 5. Accounts Payable Cash 2,900 2,900 1,200 6. Cash Deferred Revenue 1,200 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions...
Chapter 2: Analyzing Transactions There are two accounts that are increased with debits. Please tell us...
Chapter 2: Analyzing Transactions There are two accounts that are increased with debits. Please tell us what those accounts are and on which financial statement they appear. There are three accounts that are increased with credits. Please name those accounts and indicate on which financial statement they appear. When you are analyzing business transactions, at least two accounts are affected. Those two accounts can have increases to each account. Those two accounts can also have decreases to each account. So...
Chapter 2: Analyzing Transactions There are two accounts that are increased with debits. Please tell us...
Chapter 2: Analyzing Transactions There are two accounts that are increased with debits. Please tell us what those accounts are and on which financial statement they appear. There are three accounts that are increased with credits. Please name those accounts and indicate on which financial statement they appear. When you are analyzing business transactions, at least two accounts are affected. Those two accounts can have increases to each account. Those two accounts can also have decreases to each account. So...
The president of Metlock, Inc. asks if you could indicate the impact certain transactions have on...
The president of Metlock, Inc. asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Metlock, Inc.. Average Collecti Transaction Current Ratio (2:1) Accounts Receivable Turnover (10X) (36.5 day Received $6,200 on cash sale. The cost of the goods sold was $3,224 Recorded bad debt expense of $620 using allowance method. Wrote off a $124 account...
Are the following statements true or false? When entering transactions on the T-Account balance sheet, there will always be at least two entries for each transaction. (Select] Consider your personal balance sheet: your checking account balance is an example of a liability. (Select] In the T-Account, assets are recorded on the right side and liabilities are recorded on the left side. [Select] A T-Account is used to visually represent a person's assets and liabilities. [Select]
QUESTION 3 The ledger (T-accounts) keeps track of the balance in each account. True False QUESTION 4 The process of putting transactions into the books begins with the ledger (T-accounts). True False QUESTION 5 The income statement is a product of accounting and has a timeframe of over a period of time. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 1 Credit sales are a transaction. True False QUESTION...
Debits always increase an account, while credits decrease an account. Select one: O a. TRUE b. FALSE
The president of Blossom Company asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Blossom Company. Current Ratio Accounts Receivable Turnover (10x) Average Collection Period (36.5 days) Transaction 1. Received $6,000 on cash sale. The cost of the goods sold was $3,120 Decrease No effect No effect 2. Recorded bad debt expense of $600 using...
Activity 2.a - Analyze the Transactions Review the transactions and determine the accounts, the account types, if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. 2 Н Provided services on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Owner contribution of furniture in exchange for common stock Account 1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Pald for a one year insurance...
True False Question 17 If a transaction cannot be recorded in a special journal, it indicates that the company should adopt an electronic accounting system. O True O False
Post each transaction to T-accounts and compute the end balance
of each account.
Consider the recorded transactions below. Debit 7,600 Credit 1. Accounts Receivable Service Revenue 7,600 1,900 2. Supplies Accounts Payable 1,900 9,400 3. Cash Accounts Receivable 9,400 4. Advertising Expense Cash 1,100 1,100 5. Accounts Payable Cash 2,900 2,900 1,200 6. Cash Deferred Revenue 1,200 Required: Post each transaction to T-accounts and compute the ending balance of each account. The beginning balance of each account before the transactions...
The president of Metlock, Inc. asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Metlock, Inc.. Average Collecti Transaction Current Ratio (2:1) Accounts Receivable Turnover (10X) (36.5 day Received $6,200 on cash sale. The cost of the goods sold was $3,224 Recorded bad debt expense of $620 using allowance method. Wrote off a $124 account...
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