10. How would the accounting equation of Jim Martock's computer business be affected by the billing of a client for $1,000 for consulting work completed? A) +$1,000 accounts receivable, -$1,000 liabilities. B) $1,000 accounts receivable, +$1,000 liabilities. C) +$1,000 accounts receivable, +$1,000 other assets. D) +$1,000 accounts receivable, +$1,000 owner's equity.wor E) +$1.000 accounts receivable. -$1.000 other assets.

10. How would the accounting equation of Jim Martock's computer business be affected by the billing of a client for $1,000 for consulting work completed? A) +$1,000 accounts receivable, -$1,000 liabilities. B) $1,000 accounts receivable, +$1,000 liabilities. C) +$1,000 accounts receivable, +$1,000 other assets. D) +$1,000 accounts receivable, +$1,000 owner's equity.wor E) +$1.000 accounts receivable. -$1.000 other assets.

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Description: 10. How would the accounting equation of Jim Martock's computer business be affectedby the billing of a client for $1,000 for consulting work completed?A) +$1,000 accounts receivable, -$1,000 liabilities.B)+$1,000 accounts receivable, +$1,000 liabil

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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Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. EG. The business pays R6 333 per month for the rental of some business premises. All rentals were paid in cash during the year. No. A E + L %3D EG. -75 996 Bank -75 996 Rent Expense (6 333 x 12) Please use format of table above for the below transactions The following transactions occurred in the business during the year ended 31 December 2020: 1. The owner deposited R105 000 cash into the business's bank account on 1 January 2020. 2. The business bought R450 000 worth of inventory from various suppliers during the year. 80% of these purchases were on credit and the remaining 20% were paid for in cash. 3. During the year the business paid R96 900 cash in operating costs. These costs related to goods and services that had all been used…
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Hw.45.
Subject :"-Accounting
Give the answer of every question.
Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???
8. ABC Cleaning Company paid off the $280 they owe to XYZ Corp, check #104. • Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported? Okay You