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Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity (Put the amount of the change in the blank. Use a negative() sign to show a decrease and put a zero if the item was not affected.) A) The Company performs services and receives payment of $4,100 cash. How does this accounting equation? affect the Assets Liabilities Equity B) The Company performs $5,800 of services for a customer and sends...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
Below are various transactions that a local corporation had occur during the month For each transaction,...
Below are various transactions that a local corporation had occur during the month For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decrease, or no effect for each area of the accounting equation. Do not leave any of the fields below blank. Note: If the transaction were to cause an increase and decrease to the same area of the accounting equation, 'no effect should be chosen as the overall effect to that area....
Question #1 Indicate from the drop down menu which financial statement each of the following accounts...
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. C. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest...
UUUN Calculator Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first...
UUUN Calculator Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20-), the following transactions occurred. a. Invested cash in business, $19,500. b. Bought office supplies for $4,500: $2,100 in cash and $2,400 on account. c. Paid one-year insurance premium, $1,400. d. Earned revenues totaling $3,300: $1,400 in cash and $1,900 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,050. f. Paid office...
The following cash transactions took place during July 2010, the first month of business for Stay...
The following cash transactions took place during July 2010,
the first month of business for Stay Bright Cleaning Supplies comma
Inc.
a. Bill Lunden started a business, Stay Bright Cleaning Supplies, Inc., by contributing $7,500 cash. He received common stock in exchange. b. The company earned and collected cash revenue of $2,500. c. The company paid expenses of $1,250 in cash. d. The company declared and paid dividends of S500. e. On July 31, the company borrowed $4,375 from the...
Presented below are eight business transactions. Indicate the effect of each transaction element of the accounting...
Presented below are eight business transactions. Indicate the effect of each transaction element of the accounting equation. (a) Purchased $280 of supplies on account. (b) Performed $508 of services on account. (c) Paid $282 of operating expenses. (d) Paid $280 cash on account for the supplies purchased in item (a) above. (e) Invested $954 cash in the business. (f) Owner withdrew $414 cash. (g) Hired an employee to start working the following month. (h) Received $508 from a customer who...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity (Put the amount of the change in the blank. Use a negative() sign to show a decrease and put a zero if the item was not affected.) A) The Company performs services and receives payment of $4,100 cash. How does this accounting equation? affect the Assets Liabilities Equity B) The Company performs $5,800 of services for a customer and sends...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
Below are various transactions that a local corporation had occur during the month For each transaction, indicate the transaction's effect on the company's accounting equation by selecting either increase, decrease, or no effect for each area of the accounting equation. Do not leave any of the fields below blank. Note: If the transaction were to cause an increase and decrease to the same area of the accounting equation, 'no effect should be chosen as the overall effect to that area....
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. C. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest...
UUUN Calculator Effect of Transactions on Accounting Equation Jay Pembroke started a business. During the first month (April 20-), the following transactions occurred. a. Invested cash in business, $19,500. b. Bought office supplies for $4,500: $2,100 in cash and $2,400 on account. c. Paid one-year insurance premium, $1,400. d. Earned revenues totaling $3,300: $1,400 in cash and $1,900 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,050. f. Paid office...
The following cash transactions took place during July 2010,
the first month of business for Stay Bright Cleaning Supplies comma
Inc.
a. Bill Lunden started a business, Stay Bright Cleaning Supplies, Inc., by contributing $7,500 cash. He received common stock in exchange. b. The company earned and collected cash revenue of $2,500. c. The company paid expenses of $1,250 in cash. d. The company declared and paid dividends of S500. e. On July 31, the company borrowed $4,375 from the...
Presented below are eight business transactions. Indicate the effect of each transaction element of the accounting equation. (a) Purchased $280 of supplies on account. (b) Performed $508 of services on account. (c) Paid $282 of operating expenses. (d) Paid $280 cash on account for the supplies purchased in item (a) above. (e) Invested $954 cash in the business. (f) Owner withdrew $414 cash. (g) Hired an employee to start working the following month. (h) Received $508 from a customer who...
Effect of Transactions on Accounting Equation What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? a. Invested cash in business in exchange for common stock. b. Paid for business expenses. c. Paid dividends. d. Purchased supplies on account. e. Received cash for services performed. th Decreases assets and decreases liabilities. Decreases assets and decreases stockholders' equity. Increases assets and increases stockholders' equity. Increases assets and increases...
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