what the effect to asset, liability and owner's equity if the company purchases office equipment by cash

Q: Define bookkeeping in business

A: Business refers to an activity that is done on a regular basis in order to earn money.

Q: How does the time period assumption affect an accountant's analysis of business transactions ?

A: Time period assumption state that business organizations are required to prepare and present their…

Q: Match each transaction a through e to one of the following activities of an organization: financing…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: How can you describe the importance of holding liquid assets and monitoring those assets for a…

A: Liquidity is a measure of the ability with which a business can convert its assets into cash with no…

Q: Match each transaction to one of the following activities of an organization: financing activity(F),…

A: Three major categories of an organization’s business activities are as follows:  Financing,…

Q: Which of the following correctly matches the activity with its type? Group of answer choices A.…

A: The question is based on the concept of Cashflow Statements.

Q: Required Which of the following items should be classified as long-term operational assets?…

A: Long-term operating assets are acquired  by a company to generate revenue over a long period  of…

Q: If a business purchased equipment on account, which accounts would be used? O equipment and unearned…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What kind of decisions are taken by the users of financial information?

A: Financial information helps the users to know their current amount they have, the amount they can…

Q: Discuss the purpose balance sheet serve to the company. discuss the characteristics that…

A: Current assets are assets that are relied upon to be changed over to money inside a year. Though…

Q: 18. Which one of the following items is classified as an investing activity? O A. Receipts of cash…

A: Investing activities refers to the purchase and sale of long-term assets and other business…

Q: What is the meaning of the term revenue? Does the receiptof cash by a business indicate that revenue…

A: Realization principle: It can be defined as a concept that is based on the rule that the revenue…

Q: the income statement for the curr Cash Furniture and equipment

A: 1  Depreciation accounted for on furniture and equipment      Value of furniture and equipment…

Q: Transactions that affect the debit and creditof the following: A. Cash B. Accounts Receivable C.…

A: A credit is often positioned on the correct aspect of AN entry. It will increase liability, revenue…

Q: Reflection paper for Accounting You are required to prepare a reflection paper that incorporates…

A: Here are discussing the factors of the Accountant which are important to the business as well.  The…

Q: 2. Classify the following expenses if it is Selling and Distribution, Administrative, Finance…

A: The student was asked to provide an Answer for 2nd question hence answer is given to 2nd question…

Q: When an owner of a proprietary business withdraws cash from the business for personal use, how would…

A: When cash is withdrawn from the business for personal use there will be a credit entry in the cash…

Q: How does paying cash for equipment affect the accounting equation?

A: The journal entry for paying cash for equipment : Account Journal Debit $ Credit $ Equipment…

Q: Instructions: Classify each transaction whether they are operating, financing or investing. After…

A: Transactions will be classified under 3 major heads, Operating activity, Investing activity and…

Q: Operating cash flows would include which of the following? a. Repayment of borrowed money. b.…

A:

Q: Essay (Cite sources) A new manager of a retail company suggests that the company should prepare its…

A: There are two types of forms of accounting. One is cash basis of accounting and other is accrual…

Q: Instructions: Classify each transaction whether they are operating, financing or investing. After…

A: Statement of cash flows forms a part of financial statement of the companies and is prepared with a…

Q: Depreciation is considered as accounting policy and operational expense for the accounting period.…

A:

Q: How does paying cash for purchase of supplies affect the accounting equation?

A: Accounting Equation is as follows: Assets = Liabilities+ Equity (Owner's funds) Each accounting…

Q: 1. It is the worth of cash and other assets invested in the business 2. These are the resources…

A: SOLUTION-   AN ASSET   IS ANY RESOURCE OWNED OR CONTROLLED BY A BUSINESS OR AN ECONOMIC ACTIVITY .…

Q: Which of the following cash activities would be listed in the Investing Activities section of the…

A: The cash flow statement shows cash inflow & outflow of cash during the year. It has three…

Q: *Use Accrual Accounting Base Method Chart of Accounts (strictly use it): ASSETS: Cash and Cash…

A: Journal Entry The following accounting journal entry examples help you comprehend the most typical…

Q: or a retail business,which of the following is not part of its operating cycle? A.obtaining capital…

A: The operating cycle refers to the whole process cycle, which begins with the purchasing and ends…

Q: Which of the following is an example of Current Asset of a Mobile shop Merchandise Business? a.…

A: A current asset is the assets that only include those assets that can be easily converted to money…

Q: What is the owner’s right to the assets (claims to the assets) of the business called? Group of…

A: Solution: As per basic accounting equation: Assets = Liabilities + Owner's equity Therefore Lenders…

Q: It is the amount collected by the business in advance from the customers before the business…

A: Under the accrual basis of accounting business transactions are recorded in books of accounts as and…

Q: If a business purchased equipment on account, which accounts would be used? equipment and unearned…

A: Introduction: Journals: Book of prime entries also called as Journal entries. Each and every…

Q: Which of the following transactions will increase an asset and increase a liability?a. Purchasing…

A: An assets is a resource having an economic value that generates positive cash flow in the future for…

Q: Using the double entry system, together with the accounting equation, determine what debits and…

A: Double entry system is one of the system used in accounting process. This system that for every…

Q: Cash and balances with the C

A: Cashand cash due from Central Bank; cash on deposit in postal banking accounts; Due from Banks;…

Q: According to money measurement concept, which of the following will not be recorded in the books of…

A: According to Money Measurement Concept, Accounting records should only include those transactions…

Q: The safest way to make sure that all investing activities have been identified is to examine a…

A: investing activities are those activity which are related to purchase and sale of assets.   Option…

Q: Match each concept with the definition that best describes it. Expense recognition principle…

A: Matching principle - the principle that companies recognized expense in the period in which they…

Q: the following are regarded as assets of a business except shop lot that has been rented for use by…

A: Business assets are those which are owned by the business such as building,  machinery, furniture,…

Q: How did taking depreciation expenses help the client in the business manage their assets?

A: Introduction:- Depreciation is a non cash expenditure. Depreciation is charged on fixed assets over…

Q: Case I. The Property Corporation requires funds for its inventory, payment of salaries and wages,…

A: Funds needed for inventory, payment of salaries and wages, payment of utilities and other monthly…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.