ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the accounting equation?
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ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the
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- Saddleback Company paid off $39,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?Frankel, Inc. paid $220,000 on accounts payable. How does this transaction affect the accounting equation?Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?
- which is the effect of the following transaction on the basic accounting equation? Bought equitment for 2500$ using cashThe company bought Machinery worth RO. 5000 and made 40% cash as part payment. The balance was on credit. Which of the following is the correct presentation of the accounting equation?Echo Company has assets of $638,000, liabilities of $269,000, and equity of $369,000. It buys office equipment on credit for $94,000. What would be the effects of this transaction on the accounting equation?
- CAS Company has net sales of $200,000, cost of goods sold $120,000, and operating expenses of $50,000. What is the gross profit? What is the net income? Some principles should be followed in the development of an accounting information system. Identify and explain each of the principlesWhich of the following statements is TRUE? If a company provides service and bills its client $20,000, the journal entry to record this transaction will cause Total Assets to increase. a. b. If a company collects a cash deposit of $20,000 for services not yet performed, the journal entry to record this transaction will cause Net Income to increase. If a company pays $20,000 for inventory previously purchased on account, the journal entry to record this payment will cause Total Liabilities to increase. с. d. None of the above.Identify the impact of each of the given transactions on the accounting equation: Transactions a. The company pays workers for wages earned. b. The company provides services for cash. c. The company pays this period's water bill. d. The owner invests cash in the business. e. The company pays cash toward an account payable. f. The company receives cash from an accounts receivable. Impacts
- Viscount Catering collected RM42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?Assume that the total assets, liabilities, Equity of the firm are OMR 40000, OMR 10000 and OMR 30000 respectively.The company sold OMR 3000 furniture for its customer and received notes receivables for OMR 4500. What is the effect of the above transaction on different elements of financial position of the company? a. Assets of the company increase by OMR 1500 and capital of the company increase by OMR 1500 b. Assets of the company decrease by OMR 3000 and capital of the company decrease by OMR 3000 c. Assets of the company increase by OMR 4500 and capital of the company increase by OMR 4500 d. None of the given options