zebra associates reported current assets of $150,000 and current liabilities of $50,000 in 2019. working capital is equal to 3. true false company xyz paid cash for an insurance policy a month before the insurance is due. this creates a deferred expense transaction. true false services are provided for customers who pay for the services immediately. for this transaction, assets increase and stockholders’ equity increases. true false cash was collected by jay co. on accounts receivable. it was determined during a deposit at the bank the next day that the cash was fake. what will be jay co.’s next steps from an accounting entry perspective? keep the original accounting entry and ensure the customer pays with clean cash. true false as long as total assets and total liabilities are equal the accounting equation is balanced. true false a bill received for the telephone service used by joseph & co. during the past month does not affect the total assets of joseph & co. true false holding cost of goods sold and ending inventory constant, an increase in beginning inventory would: increase cost of goods available for sale increase inventory purchased decrease cost of goods available for sale decrease inventory purchased company a provided janitorial service of $500 cash to company c in period 1. in the same period, company a provided janitorial service of $500 on credit to company d. assuming these were the only transactions in period 1, company a’s revenue will increase by $500 at the end of period 1. true false Under the periodic inventory system, a physical inventory is necessary at the end of the period to determine cost of goods sold. True or False
zebra associates reported current assets of $150,000 and current liabilities of $50,000 in 2019.
company xyz paid cash for an insurance policy a month before the insurance is due. this creates a deferred expense transaction. true false
services are provided for customers who pay for the services immediately. for this transaction, assets increase and stockholders’ equity increases. true false
cash was collected by jay co. on accounts receivable. it was determined during a deposit at the bank the next day that the cash was fake. what will be jay co.’s next steps from an accounting entry perspective? keep the original accounting entry and ensure the customer pays with clean cash. true false
as long as total assets and total liabilities are equal the
a bill received for the telephone service used by joseph & co. during the past month does not affect the total assets of joseph & co. true false
holding cost of goods sold and ending inventory constant, an increase in beginning inventory would:
increase cost of goods available for sale
increase inventory purchased
decrease cost of goods available for sale
decrease inventory purchased
company a provided janitorial service of $500 cash to company c in period 1. in the same period, company a provided janitorial service of $500 on credit to company d. assuming these were the only transactions in period 1, company a’s revenue will increase by $500 at the end of period 1. true false
Under the periodic inventory system, a physical inventory is necessary at the end of the period to determine cost of goods sold. True or False
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