Performing services on account will increase assets and increase owner’s equity. increase assets and increase liabilities....
Performing services on account will
increase assets and increase owner’s equity.
increase assets and increase liabilities.
increase liabilities and increase owner’s equity.
increase assets and decrease owner’s equity.
Homework Answers
Answer
--Correct Answer is Option #1: Performing services on account will 'increase assets and increase owner's equity'.
>Assets will increase because services provided on account will lead to creation of accounts receivables, which is an asset account.
>Owner's equity will increase because services are provided and revenue is 'earned'. Revenue increase = increase in Net Income = increase in owner's equity.
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Performing services on account will
increase assets and increase owner’s equity.
increase assets and increase liabilities....
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...
If assets are $540,000 and liabilities are $236,000 what is the amount of owner’s equity?
If assets are $540,000 and liabilities are $236,000 what is the amount of owner’s equity?
Question 3: The accounting equation is Assets = Liabilities + Owner’s Equity. For the following, determine...
Question 3: The accounting equation is Assets = Liabilities + Owner’s Equity. For the following, determine the amount in question for each individual situation. (10 points, 2 points per answer) Assets = Liabilities + Owner’s Equity 1 ??? $20,000 $45,000 2 $100,000 $34,000 ??? 3 $154,000 ??? $40,000 4 $250,000 ??? $78,000 5 ??? $63,000 $49,000
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...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue,...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the for account titles Provided services on account. Account Name Account Type Increase/Decrease Debit/Credit Purchase of building with note Account Name Account Type Increase/Decrease Debit/Credit Enter the following transactions as journal entries. Record debits first, then credits Received $7,000 utility bill to be paid...
Expenses occur when, in the course of providing goods or services: Liabilities. Assets a) increase. Decrease...
Expenses occur when, in the course of providing goods or services: Liabilities. Assets a) increase. Decrease B) increase. Increase C) decrease. Increase D) decrease. Decrease
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
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
1. Assets and liabilities are both decreased by credits. True False 2. The owner’s capital account...
1. Assets and liabilities are both decreased by credits. True False 2. The owner’s capital account is increased by credits. True False 3. The ledger is also known as the book of original entry. True False 4. Assets = Liabilities + Owner’s Capital – Drawings + Revenues – Expenses is a correct form of the expanded basic accounting equation. True False 5. Debits should be listed before credits in journal entries. True False15 6. The Drawings account is closed to...
Debits O increase both assets and liabilities. decrease both assets and liabilities. decrease assets and increase...
Debits O increase both assets and liabilities. decrease both assets and liabilities. decrease assets and increase liabilities. O increase assets and decrease liabilities.
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...
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...
Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the for account titles Provided services on account. Account Name Account Type Increase/Decrease Debit/Credit Purchase of building with note Account Name Account Type Increase/Decrease Debit/Credit Enter the following transactions as journal entries. Record debits first, then credits Received $7,000 utility bill to be paid...
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
Debits O increase both assets and liabilities. decrease both assets and liabilities. decrease assets and increase liabilities. O increase assets and decrease liabilities.
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