Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash

Question:

Describe how the following business transactions affect the three elements of the accounting equation.

a. Invested cash in business.
b. Purchased supplies for cash.
c. Purchased supplies on account.
d. Received cash for services performed.
e. Paid for utilities used in the business.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

See More Books

Question Posted: Dec 21, 2022 02:39 AM

See More Questions

Describe how the following business transactions affect the three elements of the accounting equation: a. Invested cash in business. b. Paid for utilities used in the business. c. Purchased supplies...
Describe how the following business transactions affect the three elements of the accounting equation. a. Received cash for services performed. b. Paid for utilities used in the business. c. Borrowed...
Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash in business in exchange for capital stock b. Purchased supplies on account. c....
Some food retailers propose subjecting food to a low level of radiation in order to improve safety, but sale of such "irradiated" food is opposed by many people. Suppose a grocer wants to find out...
Suppose that a television network wants to know how daytime television viewers feel about a new soap opera the network is broadcasting. A staff member suggests that just after the show ends they give...
Flory Corporation is a rapidly growing privately owned company that is considering changing from ASPE to IFRS in order to prepare for a future public offering of shares. As Flory's financial advisor,...
Find a recent news report about a statistical study whose results you believe are meaningful and important. In one page or less, summarize the study and explain why you find it believable.
The Seaboard Shipping Company has a warehouse terminal in Spartanburg, South Carolina. The capacity of each terminal dock is three trucks. As trucks enter the terminal, the drivers receive numbers,...
What 4 things can be done in the Wrap-up tab of Books review in QuickBooks Online Accountant?
1. Why did the Pietsches decide to purchase a Wahoos Fish Taco franchise rather than start a restaurant on their own? 2. Name something the Pietsches could have done better to make their business...
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owners equity: a. cash b. wages expense c. accounts payable d. fees earned e. supplies f. land
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet: 1. Accounts Receivable 2....
The income elasticity of demand for automobiles in the United States was estimated by a government agency to be between 2.5 and 3.9. a. What does this mean? b. If incomes rise by 10 percent, what...
Company Q s stock currently sells for $ 1 8 per share. The company just paid a dividend of $ 2 . 2 5 per share. Future dividends are expected to increase 8 % annually forever. Assume dividends are...
Sketch the graph of the following circle. (x-1)+(y-4)=49 (a) Find the center of the circle. (b) Find the radius of the circle. (c) Graph the circle. (a) Find the center of the circle. (Type an...
The sales forecast for January to May 20x4 and actual sales for November and December 20x3 for Purple Company are as follows: Month Sales Actual (20x3) November ...
List of numbers is given: {3, 5, 1, 2, 7, 12, 65, 33, 23, 14, 55, 133. Build the binary search tree according the given order from the initially empty tree. And compute the search time of entry x=12....
Consider a system of coupled ordinary differential equations (ODEs) representing a set of chemical reactions: dx/dt= -0.1x + 0.02y dy/dt= 0.1x - 0.02y - 0.05z dz/dt= 0.05y - 0.1z Write a MATLAB...
The FIFO method seems more logical than the LIFO method, because it assumes the first merchandise purchased is the first merchandise sold. So, why do many more retailers use LIFO?
Refer to Example 9.15. Add the following functionality to this program: Allow the user to enter the cost of a gallon of gas on each trip and use a function, Cost() to calculate the cost of purchasing...
Sales data for the fiscal years 2006, 2007, and 2008 for Bed Bath & Beyond follows (dollars in billions): 200620072008 Sales $6.6$7.0$7.2 According to the financial statements, sales creased by 9...
Selected financial information is provided below for three major pharmaceuticals: GlaxoSmithKline (Britain), Sanofi-Aventis (France), and Pfizer U.S.). GlaxoSmithKline's numbers were taken from the...
The December 31, 2008, balance sheet and the income statement for the period ending December 31 for Manpower, Inc., a world leader in staffing and workforce management solutions, follow (dollars in...
The expected exchange rate for the next month for GBP is $1.30 per pound. The conditional volatility is 0.05. What is the interval that contains 95% of the possible future spot rates? Group of answer...
Based on the data calculate the following: R . O . I., Net Space Yield, Space, Productivity Ratio, and Stock Turn. Sales $ 4 5 0 , 0 0 0 Handling Costs 2 % of Sales Occupancy Cost $ 5 a sq . ' Sq ....
If the net income from an investment is expected to be 75,000; 100,000; 125,000; and 120,000 for the next four year and the investment cost $600,000 what is the average accounting rate of return...

Describe how the following business transactions affect the three elements of the accounting equation. a. Invested cash

Question:

Step by Step Answer:

Answer Best Answer a increase to assets cash and also increase to owners equity assuming ...View the full answer

Financial Accounting

Students also viewed these Business questions