analyze the transactions through in terms of increase and decrease. 1. increase office equipment(asset) $18000 and...
analyze the transactions through in terms of increase and decrease.
1. increase office equipment(asset) $18000 and decrease cash $ 18000. balance is unaffected.
2. increase in office equipment(asset) $ 10400, increase bill payable(liability)
3. advertisement expenses decrease(revenue) $4500.
4. increase asset, increase bill payable(liability) $6000.
5. decrease in the owner's capital.
Homework Answers
1)Asset (Office equipment ) is increased by payment of cash $18000. Since one asset increases and the other asset cash decreases,the balance gets unaffected.
2)Asset (office equipment) is increased by $ 10400 and have a corresponding increase in liability , since its bought for credit . So the balance sheet gets balanced .
3)Advertisement expense, which is in the revenue nature will affect the revenue, so decrease by $4500
4)Increase asset by $ 6000 and bills payable ( Liability ) by the same amount since its bought for credit.
5)Decrease in owners capital, which is one the liability side have an impact on the asset side also.The cash / Bank will be reduced on its repayments . Hence the balance sheet gets balanced.
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