FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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QUESTION 1
Planet of the Grapes, Inc., paid its employees $15,000 during the month. Show the effect of this transaction on
total Assets, Liabilities, Stock and/or Retained Earnings and the account titles. If no effect, select "$0 No
Effect".
Assets
A. $(15,000) Cash
v Liabilities
B. $(15,000) Wages Expense
C. $15,000 Wages Expense
v Stock
D. $0 No Effect
v Retained Earnings
E. $15,000 Cash
F. $15,000 Wages Payable
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Transcribed Image Text:QUESTION 1 Planet of the Grapes, Inc., paid its employees $15,000 during the month. Show the effect of this transaction on total Assets, Liabilities, Stock and/or Retained Earnings and the account titles. If no effect, select "$0 No Effect". Assets A. $(15,000) Cash v Liabilities B. $(15,000) Wages Expense C. $15,000 Wages Expense v Stock D. $0 No Effect v Retained Earnings E. $15,000 Cash F. $15,000 Wages Payable
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