Kai Co paud $18,000 of accounts payable owed to Coat Co by giving cash of 4,500...
Kai Co paud $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and isusing a note payable for the balance. The journal entry by Coat Co to record transaction would
a. not change total assets, liabilites, or owners' equity
b. increase owners equity
c. decrease liabilities
d. increase assets
answer is A, how are asstes and liabilites not affected?
Homework Answers
Correct answer---------a. not change total assets, liabilities, or owners' equity.
Explanation
The question is asking about the accounts of Coat Co not Kai co.
Before this transaction Coat Co would have accounts receivable of $18000. After this transaction the accounts receivable will decrease by $18,000, cash will increase by $4500 and notes receivable will increase by $ 13,500.
The liabilities and equity accounts will not be affect in any way and assets in total will remain same. The assets accounts internally would change.
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Kai Co paud $18,000 of accounts payable owed to Coat Co by
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