10. ABC purchased $8,000 worth of equipment from EMT Inc.. They paid$5000 with check #105 and put the rest on account. (Hint: more than 2accounts will be affected).Which accounts are affected?Is it an increase or decrease to the account?Where will the debit and credit be reported?

As per accounting equation of the business, total assets in the business should be equal to total…

Answered: 10. ABC purchased $8,000 worth of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Transaction: Laker Co. pays $3,900 on account for tools bought earlier. Required: For the transaction above, complete the following: (a) Select the accounts that are affected (there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained Earnings is selected, choose the reason that it has changed. Cash Account Accounts Receivable Supplies Tools Accounts Payable Capital Stock Which accounts are affected? Is the account increased or decreased? Increase Decrease OO Increase Decrease Increase Decrease Increase Decrease Increase Decrease Increase Decrease What is the amount of transaction? $0 $0 $0 $ 6A $0 Why has Retained Earnings changed?
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10. ABC purchased $8,000 worth of equipment from EMT Inc.. They paid $5000 with check #105 and put the rest on account. (Hint: more than 2 accounts will be affected). Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?