Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service's accounting equation? OA. Increase both assets and liabilities by $180 OB. Increase both assets and equity by $180 OC. Increase both liabilities and equity by $180 O D. Decrease liabilities by $180, and increase equity by $180

A transaction has been recorded in the T-accounts of Powell Corporation as follows: Prepaid Rent Rent Expense 1,000 1,000 Which of the following reflects how this event affects the company's financial statements? A. B. C. D. Debit Assets = + + Credit Multiple Choice Liabilities + + N/A N/A Balance Sheet Option C Option A Option B Debit Option D Stockholders Equity N/A + N/A Credit Revenue N/A N/A + N/A Income Statement Expense N/A + N/A + Net Income N/A Statement of Cash Flows +FA N/A +OA -OA

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Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,300 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company paid $1,800 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,820 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,500. 18 The company purchased $450 of supplies on credit. 20 The company paid $2,820 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. 28 The company received $5,500 cash for the work…

Alpha Company has assets of $634,000, llabilities of $267,000, and equity of $367,000. It buys office equipment on credit for $92,000. What would be the effects of this transaction on the accounting equation? O Multiple Choice Assets increase by $92,000 and expenses decrease by $92,000. Liabilities increase by $92,000 and expenses decrease by $92,000. Assets increase by $92,000 and expenses increase by $92,000. Assets increase by $92,000 and liabilities increase by $92,000. Assets decrease by $92,000 and expenses decrease by $92,000.

During the most recent accounting period, a business sold inventories for £1,500 on credit that it had originally purchased for £1,000. How would this transaction affect the statement of financial position of the business? O A. Decrease inventories £1,500, increase trade receivables £1,500 B. Decrease inventories £1,500, increase trade receivables £1,500, increase equity £500 C. Decrease inventories £1,000, increase trade receivables £1,500, increase equity £500 O D. Decrease inventories £1,000, increase trade receivables £1,500, decrease equity £500

Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity