FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. Green Company buys a laptop computer on credit for P72,000. The transaction will affect the: assets, liabilities and owner's equity, assets and liabilities only, liabilities and owner's equity only, or assets only?
2. An accountant has debited an asset account for P1,000 and credited a liability account for P500. Which of the following would be an incorrect way to complete the recording of the transaction?
a. credit an owner's equity account for P500
b. credit an asset account for P500
c. debit an owner's equity account for P500
d. credit another liability account for P500
3. An entry to record the owner's initial cash investment P500,000 will require a:
a. credit to Capital account for P500,000
b. Debit to Capital account for P500,000
c. credit to Cash account for P500,000
d. Debit to Loans Payable account for P500,000
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- Please dont use any AI. It is strictly prohibited.arrow_forwardVikrambhaiarrow_forwardSplish Brothers Inc. had the following transactions. 1. Borrowed $6,385 from the bank by signing a note. Paid $3,192 cash for a computer. Purchased $575 of supplies on account. 2. 3. (a) Indicate what accounts are increased and decreased by each transaction. 1. 2. Your answer is partially correct. 3. Debit Analysis Increase the Asset Increase the Asset Increase the Asset Cash Computer Supplies Account Names Credit Analysis Increase the Liability Decrease the Asset Increase the Liability Notes Payable Cash Accounts Payable Account Namesarrow_forward
- Correcting the Trial Balance: Alpha received cash of $300 in advance from a customer that has not yet been earned, but incorrectly recorded it as a credit sale. What corrections, if any, should be made to the trial balance? Debit Column Select] Credit Column (Select]arrow_forwardH1.arrow_forwardI have to do my accounting problems on excel and I have to record the transactions, but have a total for each column. If someone bought a computer from wardens office outfitters, $1,636, paying $750 in cash and placing the balance on account what does that mean exactly? I have other questions to but I'm not sure how this works.arrow_forward
- 3arrow_forwardSydney Ltd repaired a customers' washing machine and charged the customer $500 which the customer paid immediately. The general journal entry to record the transaction is: a.Debit Cash at bank $500; Credit Income from repairs $500 b.Debit Accounts receivables $500; Credit Income from repairs $500 c.Debit Income from repairs $500; Credit Accounts receivables $500 d.None of the abovearrow_forwardIf a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.arrow_forward
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