Question: Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in April 2011 for Computer Solutions,

Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in April 2011 for Computer Solutions, Inc.:
1. The company paid $4,500 for next year’s rent.
2. The company paid $2,000 of its accounts payable, owed for previously purchased inventory.
3. The company declared and distributed $500 of dividends.

Step by Step Solution

★★★★★

3.53 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Account Prepaid rent Cash 2 Accounts payable C... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

323-B-A-A-C (4238).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

In 2011, Simplon Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets....

The following accounts showed an increase or a decrease from the comparative balance sheet. Explain which account will be added to net income and which will be subtracted in calculating net cash...

April 1 Purchased 15000 of direct materials on account April 4 Purchased 3000 of indirect materials on account April 6 Requested 7000 of direct materials and 400 of indirect materials for production...

Q) Q) Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in April 2011 for Computer Solutions, Inc.: 1. The company paid...

Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in January 2009 for Networking Solutions, Inc.: 1. The company...

1) Prepare journal entries for each transaction listed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A) At the end of June, bad...

Refer to AP3. Green Stables Inc. was established on April 1, 2011. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant...

Needing ANSWERS ASAP! Starting at pg 34 - Labeled Graded Project 06155200: Graded Project Instructions & Worksheets 1 Lesson 1: Business, Accounting, and You PROJECT GOAL The goal of this graded...

I would like help with my weekly test questions for Accounting. The test is related to chapter 3 & 4 and is uploaded for your review. Test 2 CH 3-4 Multiple Choice Identify the choice that best...

The following alphabetized list of selected adjusted account balances is from the records of Jasper Company on December 31, 2014: Accounts Payable...

The financial statements for People?s National Bank (PNB) are shown below: Peoples? National Bank Income Statement For the Year Ended December 31, 20XX Interest on fees and loan...

which of the following is an asset? A) cash in the bank B) land and buildings C) a portion of accounts receivable D) all of the above

Do you believe Michael Patino had a reasonable expectation of privacy in these text messages? Explain your answer.

Calculate and identify cash flows using the indirect method. (LO 5) Beta Company spent $\$ 40,000$ for a new delivery truck during the year. Depreciation expense of $\$ 2,000$ related to the...

Evaluate adjustments to net income using the indirect method. (LO 5) Havelen's Road Paving Company had depreciation expense of $\$ 43,000$ on the income statement for the year. How would this...

Evaluate adjustments to net income using the indirect method. (LO 5) During 2007, Mail Direct Inc. incurred salary expense of $\$ 67,500$, as shown on the income statement. The January 1, 2007,...

1. The basic WACC equation The cakulation of WACC involves calculating the weighted average of the required rates of return on debt, preferred stock, and common equity, where the weights equal the...

hey.. can I you help me with this exercise Zabagawa Inc. is thinking about marketing a new software product. Upfront costs to market and develop the product are $5 million. The product is expected to...

You can earn 0.35 percent per month at your bank. Required: If you deposit $1,800, how long must you wait until your account has grown to $3,500? (Enter rounded answer as directed, but do not use the...