FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Reporting Cash Flows
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Balance Sheet
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Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…
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Question
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For each of the transactions in items 2 through 5, indicate the two (or more) effects on the

accounting equation of the business or company. (Highlight the answer) 

 

  1. Receive payment in cash for outstanding account receivable

Assets            Increase Decrease No effect

Liability            Increase Decrease No effect

Equity            Increase Decrease No effect

 

2. The company purchases land by paying half in cash and signing a note payable for

the other half

 

Assets           Increase Decrease No effect

Liability         Increase Decrease No effect

Equity            Increase Decrease No effect

 

3.Receive land from owner as investment in exchange for capital stock

Assets                Increase Decrease No effect

Liability               Increase Decrease No effect

Equity                 Increase Decrease No effect

 

4. Pay next quarter rent in cash in advance

Assets               Increase Decrease No effect

Liability              Increase Decrease No effect

Equity                Increase Decrease No effect



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