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 do the terms 'debit' and 'credit' mean from an accounting perspective?  What are the two primary rules of debits and credits?  How do these impact the various types of accounts (assets, liabilities, expenses, revenues, distributions to owners, and equity)?  How do they help ensure that an illogical journal entry cannot be made?  Provide at least one example of an illogical entry. Why would this be illogical?

Which of the following accounts are increased with a credit! O Common Stock, Accounts Receivable, Unearned Revenue. Land, Accounts Payable, Common Stock. Accounts Payable, Unearned Revenue, Common Stock. Cash, Accounts Receivable, Common Stock.

What’s the correct answer?

Which of the following would indicate a cash payment? a. An increase in prepaid expenses b. Selling equipment at a loss c. A decrease in inventory d. A decrease in accounts receivable

Which of the following is a connector account? Retained Earnings O Prepaid Rent O Common Stock O Bond Payable O Accumulated Depreciation

How does receiving a payment from a customer on account affect the accounting equation?

Which one of the following statements about revenue is not correct?A. Revenue can result in increases in accounts receivableB. Revenue can result in increases in liabilitiesC. Revenue is earned whenever cash is received from a customerD. Revenue is earned when a service is provided to a customer

Does the income statement 'tie in' to the balance sheet? If so does it increase or decrease retained earnings?