Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (ie. Asset, Liability), enter "0" since the net effect on the item is zero. b. C. d. e. t. 9- Assets . Liabilities + Stockholders' Equity Contributed Capital Retained Earnings

What is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected?  what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets?  which of the following accounts is increased by a debit?  which of the following camp do not increase with a debit entry?  which of the following pairs increase with credit entries?  which of the following pairs of accounts are impacted the same with debits and credits?  which of the following count normally have a debit balance?  what type of account is prepaid insurance?

Dd.15.

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

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.