The purchase of an office computer has been debited to Office Expenses instead of to Office Equipment What effect will this have on the Balance Sheet Fixed assets A no effect B no effect C understated D understated Profit understated understated no effect understated Capital no effect understated u...

The correct answer is D understated The purchase of an office computer being debited to Office E ...

The purchase of an office computer has been debited to Office Expenses instead of to Office Equipment.

Question:

The purchase of an office computer has been debited to Office Expenses instead of to Office Equipment. What effect will this have on the Balance Sheet?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

See More Books

Question Posted: Aug 27, 2023 09:16 AM

See More Questions

Q1- Corp X has 50 units in beginning inventory with a cost of $300. During the year purchases were made as follows: January 15- 100 units @ 5.75 per unit June 15- 100 units @ 5.50 per unit October...
A credit note for $46 sent to A. Moses has been debited to A. Mason's account in the sales ledger. What effect will this have on the trial balance? Debit total A none B $46 overstated C none D $92...
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
Value Mapping Use the attached information to map the current state map and future state map. Jack's Taxes Jack is a CPA and maintains a practice in personal, self-employed and small business income...
Solomon Company manufactures and currently sells 20,000 units per year. The manufacturing cost per unit is as follows: Direct materials ...................$10 Direct labor...
This Internet-based exercise requires students to explore the types of companies that perform financial statements analysis for businesses and investors and learn about the types of services they...
What is the margin of safety? a. The amount of fixed and variable costs that make up a companys total costs b. The sales level at which operating income is zero c. The difference between the sales...
Sigma Company is authorized to issue 100,000 shares of common stock. The company sold 5,000 shares at $12 per share. Prepare journal entries to record the sale of stock for cash under each of the...
What industry is Airbnb in? Is Airbnb in a risky industry? Why/when Airbnb begin its operations? Has Airbnb announced an IPO, or possibly a SPAC deal, since it received its initial funding? If now...
Devram extracted a trial balance at 31 December 2003 from his books after he had prepared his Trading Account for the year ended on that date. It was as follows. Further information 1. At 31 December...
Prepare a Balance Sheet at 31 December 2003 for Corrine from the trial balance given in exercise 1. Data from Exercises 1. Corrine began trading on 1 January 2003. The following trial balance as at...
Using the matrices in Exercise 3, compute the following (where possible). (a) BA (b) (AB)C (c) A(BC) (d) CCT (e) tr(4ET - D)
Derive the following results with appropriate references from Lamarsh: a). T=1/180 sec. b). Bit.085 sec.
How is spirituality understood in the Shinto religion ? Explain
1. Amabile theorized that four things can restrict creativity: evaluation, rewards, competition, and constraints. Describe why each of these might affect the creative process and give one specific...
Essentially is a brief exploration of the primary intersections between the Bill of Rights and the practice of commerce in the United States. The chapter primarily focuses on freedom of religion,...
Identify the four identity statuses that researchers use to evaluate progress in identity development. Describe the cognitive style typically used by adolescents in each of these statuses. How does...
Armando is filling out a college application. The application requires that Armando supply either his SAT math score or his ACT math score. Armando scored 610 on the SAT math and 27 on the ACT math....
Using (1) or (2), find L(f) if f(t) if equals: t cos 4t
Explain how adjusting the customer service level could improve a marketing mix. I l lustrate.
Briefly explain which aspects of customer service you think would be most important for a producer that sells fabric to a firm that manufactures furniture.
Briefly describe a purchase you made where the customer service level had an e f fect on the product you selected or where you purchased it.
Blossom Company purchased a depreciable asset for $393000. The estimated salvage value is $28000, and the estimated useful life is 8 years. The double-declining balance method will be used for...
Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement follows: Percent of Sales Variable expenses Contribution margin Fixed expenses...
es LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.0 million purchase, LCD issued a 1-year installment note to be paid in...

The purchase of an office computer has been debited to Office Expenses instead of to Office Equipment.

Question:

Fixed assets A no effect B no effect C understated D understated Profit understated understated no effect understated Capital no effect understated understated no effect

Step by Step Answer:

The correct answer is D understated The purchase of an office computer being debited to Office E...View the full answer

Accounting A Level And AS Level

Students also viewed these Business questions