Working Papers 1-22. 1-2 ON YOUR OWN, p. 17▼ QUESTION ASSETSTransactions1.Received cash trom owner as an investment.2.Bought supplies on account3.Paid cash for supplies.4.Paid cash for insurance.5.Paid eash on account.For each transaction, enter a plus sign (+) in the appropriate column if the account classification asset, liability, or owner's equity is increased. Enter aminus sign (-) in the appropriate column if the account classification is decreased. Both a plus sign (+) and a minus sign (-) can be entered, ifnecessary.Trans. No. Assets = Liabilities + Owner's Equity45n

The accounting equation is a mathematical representation of the transactions. It shows that total…

Answered: QUESTION ASSETS Transactions Received…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The earnings of service revenue that are not yet received in cash are recorded as follows: Group of answer choices Debit to cash and credit to revenue Debit to accounts payable and credit to revenue Debit to accounts receivable and credit to revenue Debit to revenue and credit to accounts receivable
Multiple choice: 1. The receipt of cash on account from a costumer should be recorded as A. a debit to Cash and a credit to Accounts Payable B. a debit to Cash and a credit to Income from Services C. a debit to Cash and a credit to Accounts Receivable D. a debit to Cash and a credit to Capital account 2. A cash payment on a loan affects which of the following accounts? A. Cash and accounts receivable B. Cash and notes payable C. Cash and an expense account D. Cash and a revenue account
Increases in asset accounts are recorded on the debit side the right side the dark side the credit side
The primary purpose of the balance sheet is to: O measure the net income of a busniess up to a particular point in time. O report the difference between cash inflows and cash outflows for the period. O report the financial position of athe reporting entity at a particular point in time. O report revenues and expenses for a period of time. DEREN 11
A credit entry to an account willa. increase assets.b. increase liabilities.c. increase expenses.d. decrease revenues.
Under the accrual basis of accounting - if cash has been received before the revenue has been earned, which of the following journal entries should be recorded? A) Debit Cash, Credit Unearned Revenue. B) Debit Cash, Credit Sales Revenue. C) Debit Unearned Revenue, Credit Cash. D) Debit Cash, Credit Accounts Receivable.
What are the debits and credits?
Kindly indicate the impact of each transaction on balance sheet items i.e., Assets, Liabilities and Owner’s Equity in Table 1 Given Below………………………………. Use the Following signs for each transaction under the relevant item + The item is increased due to the transaction. – The item is decreased due to the transaction. + /- One item is increased and another is decreased due to the transaction. Table 1 S. No Transaction Assets Liabilities Equity 1 Investment made by the owner 2 Equipment purchased on account 3 Office equipment purchased with cash 4 1. A bank loan was received in cash by the firm 5 Equipment Sold 6 More Equipment were purchased with Cash 7 The loan lent by the bank was repaid by the firm 8 Cash Withdrawals by the owner 9 Cash received from an account customer 10 Purchased Land, paid half in…
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS