Homework Answers
d) Total assets will remain same
Reason
If we purchase supplies for cash total assets will increase and cash will decrease,so total assets will remain same .hence there wil be no increase or decrease in total assets. They will be netted of.
Stockholders equity also will not increase there is no corresponding increase in assets
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If supplies are purchased for cash: Multiple Choice total assets will decrease. total assets will increase....
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
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...
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease...
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease and expenses increase. assets decrease and on er's equity increases. assets decrease and owner's equity decreases. owner's equity decreases and revenue decreases.
If expenses are paid in cash, then liabilities will decrease. assets will increase. assets will decrease....
If expenses are paid in cash, then liabilities will decrease. assets will increase. assets will decrease. stockholders' equity will increase. Save for Later
The receipt of cash on account will decrease the Cash account balance. increase revenues. increase total...
The receipt of cash on account will decrease the Cash account balance. increase revenues. increase total stockholders' equity. not change total assets.
If during the year total assets increase by $74,000 and total liabilities decrease by $15,500, by...
If during the year total assets increase by $74,000 and total liabilities decrease by $15,500, by how much did owner's equity increase/decrease? Multiple Choice O $89.500 decrease O $58,500 decrease $89,500 increase O $74.000 increase < Prey 6 of 30 # Next > are to search 9 e E - Fa Hj cv | BN
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease liabilities. Revenue decreases owners’ equity and expenses increase owners’ equity. Revenue increases owners’ equity and expenses decrease owners’ equity. Revenue decreases owners’ equity and increases liabilities. Which of the following statements is not true regarding the adoption of ASC Topic 606 guidance for revenue recognition? Multiple Choice When using the cumulative approach, the prior three years of financial statements need to be restated. Under...
Which of the following is true of dividends? O A. Dividends increase assets and decrease total...
Which of the following is true of dividends? O A. Dividends increase assets and decrease total stockholders' equity of a corporation. O B. Dividend payments increase stockholders' equity O C. Dividend payments decrease paid-in capital O D. Dividends are a distribution of cash, stock, or other property to stockholders Click to select your answer 28 MacE esc 名。 FI F2 F3 F4 F5 3
Multiple Choice Question 134 During September 2022, Crane Diner's total liabilities decreased by $70000 and its...
Multiple Choice Question 134 During September 2022, Crane Diner's total liabilities decreased by $70000 and its stockholders' equity increased by $18000. The company's total assets must change by what amount and in what direction during that same period? $70000 Increase $52000 decrease $52000 Increase $88000 Increase
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
Purchasing supplies for cash has what effect on the accounting equation? Multiple Choice Increase assets. Decrease stockholders' equity. Decrease liabilities. Required: For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equ remains in balance. The first item is provided as an example. (Decreases to account classifications should be entered as a nega 35 Assets Liabilities Transaction 1. Issue common stock in exchange for cash, S15,000 2. Purchase equipment for cash,...
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...
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease and expenses increase. assets decrease and on er's equity increases. assets decrease and owner's equity decreases. owner's equity decreases and revenue decreases.
If expenses are paid in cash, then liabilities will decrease. assets will increase. assets will decrease. stockholders' equity will increase. Save for Later
The receipt of cash on account will decrease the Cash account balance. increase revenues. increase total stockholders' equity. not change total assets.
If during the year total assets increase by $74,000 and total liabilities decrease by $15,500, by how much did owner's equity increase/decrease? Multiple Choice O $89.500 decrease O $58,500 decrease $89,500 increase O $74.000 increase < Prey 6 of 30 # Next > are to search 9 e E - Fa Hj cv | BN
Which of the following is true of dividends? O A. Dividends increase assets and decrease total stockholders' equity of a corporation. O B. Dividend payments increase stockholders' equity O C. Dividend payments decrease paid-in capital O D. Dividends are a distribution of cash, stock, or other property to stockholders Click to select your answer 28 MacE esc 名。 FI F2 F3 F4 F5 3
Multiple Choice Question 134 During September 2022, Crane Diner's total liabilities decreased by $70000 and its stockholders' equity increased by $18000. The company's total assets must change by what amount and in what direction during that same period? $70000 Increase $52000 decrease $52000 Increase $88000 Increase
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
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