Homework Answers
7.
Utilities expense is not paid and is payable. Payable increase liabilities and utilities expense reduces equity.
Option A.
8.
Wages paid reduced cash and increase expense. Cash reduces assets and expense reduces equity.
Option D.
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E. None of the above 7. Received $400 bill for utilities due in two weeks A....
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
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...
Virginian Enterprises received a bill from Livingstone Landscaping for $14,500. They paid $5,000 on receipt of...
Virginian Enterprises received a bill from Livingstone Landscaping for $14,500. They paid $5,000 on receipt of the bill and agreed to pay the remainder by the end of the month. For Virginian Enterprises, this transaction a. decreases assets, liabilities and stockholder’s equity. b. has no effect on the basic accounting equation. c. increases assets and liabilities. d. increases liabilities; decreases assets and stockholders’ equity.
What’s the answer ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month...
What’s the answer
ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month for received affect the accounting equation? a. assets decrease, owner's equity decreases Ob. liabilities increase; owner's equity increases c. liabilities increase, owner's equity decreases Od. assets increase; liabilities increase
1) A bill is received for electric service; the charge for the electricity is recorded, but...
1) A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation. a Liabilities decrease and assets decrease. b. Assets, increase and liabilities increase. Subiabilities increase and stockholders' equity decreases. d.Assets, increase and stockholders' equity increases./ 2)Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step, income statement? a Income from operations b.Cost of...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common Stock (c) Supplies Expense (d) Notes Payable 2. Windward Inc. makes a payment of $500 on its accounts payable. How does this effect the accounting equation? a. Assets decrease and Liabilities decrease b. Assets increase and Equity Decreases c. Assets decrease and Equity decreases d. Assets increase and Liabilities increase e. Assets decrease and Liabilities increase 3. Chitron Corporation earns $750 working for a...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
E. None of the above 6. Received $2,000 cash from customers for services performed A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above L:11 for utilities due in two weeks
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
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...
What’s the answer
ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month for received affect the accounting equation? a. assets decrease, owner's equity decreases Ob. liabilities increase; owner's equity increases c. liabilities increase, owner's equity decreases Od. assets increase; liabilities increase
1) A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation. a Liabilities decrease and assets decrease. b. Assets, increase and liabilities increase. Subiabilities increase and stockholders' equity decreases. d.Assets, increase and stockholders' equity increases./ 2)Which one of the following subtotals or totals would appear in a multiple-step, but not a single-step, income statement? a Income from operations b.Cost of...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
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