1. For each transaction below, indicate how the transaction affects the accounting equation (Assets = Liabilities + Owners' Equity) by listing which accounts were affected (e.g., Cash, Accounts Payable, etc.), whether the account increased or decreased, and whether that account was tied to Assets, Liabilities, or Owners' Equity. Make sure that the accounting equation still
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please do exmaple and transactions as that is part of question 1. thanks
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- 21) Identify the effects of the following transactions on the asset, liability and owner's equity (Capital): eg: increase asset, increase liability, decrease capital....) item Transaction Effect a. Purchase a machine on credit b Sold vehicle by cheque C. Paid supplier by cash d. Withdraw cash by owner for personal use e. Received loan of cash from Alex f. Owner paid a creditor from his private funds Customer paid us by cheque g. h. Took $520 from bank and put in cash till i. Purchase lorry by cash j. Started business with $40,000 in bank account Bought van by cheque Sold some office equipment by cash Purchase inventory by credit Sold motor vehicle by credit Owner took inventory for own use Bought building $200,000 and paid cash $10,000 as deposit, balance by credit Paid loan by cheque Purchase computer terminals from DE on credit Received cash from customer Owner put in additional $10,000 cash into business Owner brought in a computer for office use k. 1. m. n. 0. P. 9. r. S. t. u.which is the effect of the following transaction on the basic accounting equation? Bought equitment for 2500$ using cashexplain how you apply accounting in your personal life in reference to the following: 1. Give 3 examples of what you would consider to be assets. 2. Give 2 examples of what you would consider to be liabilities. 3. Assign values (they don't need to be actual values) to each of the above and show how you would determine your net worth. 4. What statement would you report all of the above accounts and amounts on? 5. Explain what would cause your net worth to change over the next month?
- I have a question about Assets and the order of Assets in terms of where they are placed on the Balance Sheet. Investment Funds/Investment in Stock. That is an Asset correct, and a Debit Account? Let's say you have that as an Asset for $56,000. Since there has to be an offsetting credit where would be record that offset?For each of the following items (A-L) indicate on which financial statement you would expect to find it. Some items may appear on more than one statement. Income Statement Statement of owners’ equity Balance sheet Statement of cash flows __________ A. Cash, ending balance __________ B. Sales to customers __________ C. Accounts receivable __________ D. Cash received from customers __________ E. Cost of goods sold during the period __________ F. Office supplies on hand __________ G. Office supplies used during the period __________ H. Ending retained earnings __________ I. Taxes payable __________ J. Dividends paid during the period __________ K. Wages payable __________ L. Cash paid for merchandise inventoryIdentify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction 1. Owner invests $900 cash in business in exchange for stock 2. Receives $700 cash for services provided 3. Pays $500 cash for employee wages 4. Buys $100 of equipment on credit 5. Purchases $200 of…
- Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction 1. Owner invests $675 cash in business in exchange for stock 2. Receives $475 cash for services provided 3. Pays $595 cash for employee wages 4. Buys $725 of equipment on credit 5. Purchases $825 of…For each of the following independent transactions, indicate whether there was an Increase, a Decrease, or No Impact for each financial statement element. Transaction Assets Liabilities Owners' Equity Received cash from customer on account Borrowed cash from bank Received and recorded utility bill Paid dividends to owners Performed services and billed customer PLEASE NOTE: You are to use the following words - "Increase", "Decrease", or "No Impact" - when you fill in the blanks (Capitalize and omit the quotation marks).Identify and analyze the transaction by using the following steps:1. Determine activity – operating, investing or financing.2. Determine accounts affected and the amount of increases/decreases.3. Determine the financial statements affected – balance sheet, income statement.The accounting equation must balance for each transaction.Determine amortization using the effective interest method (see Exhibit 10-7 below for an example). Date Column 1LeasePayment Column 2InterestExpense Column 3Reduction ofObligation Column 4LeaseObligation 8% Col. 1 - Col. 2 1/1/2017 - - - $15,972 12/31/2017 $4,000 $1,278 $2,722 13,250 12/31/2018 4,000 1,060 2,940 10,310 12/31/2019 4,000 825 3,175 7,135 12/31/2020 4,000 571 3,429 3,706 12/31/2021 4,000 294 3,706 0 Column 1 is the total amount of the payment. To compute the interest expense, (column 2) multiply the lease obligation (column 4) by the interest rate. Column 3, the reduction of obligation is computed by subtracting Column 2…
- Which of the following transactions would cause the current ratio to increase (assumingthe current ratio is currently greater than 1)?a. Purchased inventory on credit.b. Purchased property, plant, and equipment for cash.c. Received money from a customer related to an accounts receivable.d. Paid off a payable.Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow, accounting equation, inventories, financial accounting, aging schedule, balance sheet, accumulated depreciation, working capital, periodic method. _______The major accounting statements are the _______ , and .________ An ________ shows how much time has passed since the date of the report and the date the still uncollected bills were issue to patients. The_______ is the full amount of the depreciation that has been taken on depreciable equipment over the years it is owned. A = L + NA is known as the ________ ________ consist largely of keeping the financial history of the organization. The________ of inventory requires the organization to take a physical count to determine what it has on hand at any point in time. Depreciation refers to the wearing out of a _______ such as a building of piece or equipment.Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow, accounting equation, inventories, financial accounting, aging schedule, balance sheet, accumulated depreciation, working capital, periodic method. _______The major accounting statements are the _______ , and .________ An ________ shows how much time has passed since the date of the report and the date the still uncollected bills were issue to patients.