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4. Pay next quarter rent in cash in advance Assets Increase Decrease Liability Increase Decrease Equity Increase Decrease 5. Accrued expenses Assets Increase Liability Increase Equity Increase Decrease Decrease Decrease No effect No effect No effect No effect No effect No effect

4. Pay next quarter rent in cash in advance Assets Increase Decrease Liability Increase Decrease Equity Increase Decrease 5. Accrued expenses Assets Increase Liability Increase Equity Increase Decrease Decrease Decrease No effect No effect No effect No effect No effect No effect

FINANCIAL ACCOUNTING
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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For each of the transactions, highlight the effects on the accounting equations of the business
didate Name: WW:YU WEWUXI 4. Pay next quarter rent in cash in advance Assets Increase Increase Increase Liability Equity 5. Accrued expenses Assets Liability Equity Increase Increase Increase Decrease Decrease Decrease Decrease Decrease Decrease Date: No effect No effect No effect No effect No effect No effect 6. At the end of the day, the cash register's record shows $12
Transcribed Image Text:didate Name: WW:YU WEWUXI 4. Pay next quarter rent in cash in advance Assets Increase Increase Increase Liability Equity 5. Accrued expenses Assets Liability Equity Increase Increase Increase Decrease Decrease Decrease Decrease Decrease Decrease Date: No effect No effect No effect No effect No effect No effect 6. At the end of the day, the cash register's record shows $12
ia (Hear 12 U - abc X₂ Font AA Aa- R A--A- EE 21 AaBbCcDc AaBBCCD AaBbC AaBbCcl AaB AaBbCcC AaBbCcD AaBbCcD AaBb CCD AaBbCcD AaBbCcD AaBbCcD T Normal T No Spac... Heading 1 Heading 2 Subtitle Subtle Em.... Emphasis Strong Styles Title Intense E... Quote Intense Q... Examples: Receive payment in cash for outstanding account receivable Paragraph Assets Liability Equity Increase Increase Increase Increase Increase Increase Decrease Decrease Decrease 2. The company purchases land by paying half in cash and signing a note payable for the other half Assets Liability Equity Increase Increase Increase Decrease Decrease Decrease No effect No effect No effect 3. Cash received in advance from client for services is recorded in unearned revenue. Assets No effect Liability No effect Equity No effect Decrease Decrease Decrease No effect No effect No effect I
Transcribed Image Text:ia (Hear 12 U - abc X₂ Font AA Aa- R A--A- EE 21 AaBbCcDc AaBBCCD AaBbC AaBbCcl AaB AaBbCcC AaBbCcD AaBbCcD AaBb CCD AaBbCcD AaBbCcD AaBbCcD T Normal T No Spac... Heading 1 Heading 2 Subtitle Subtle Em.... Emphasis Strong Styles Title Intense E... Quote Intense Q... Examples: Receive payment in cash for outstanding account receivable Paragraph Assets Liability Equity Increase Increase Increase Increase Increase Increase Decrease Decrease Decrease 2. The company purchases land by paying half in cash and signing a note payable for the other half Assets Liability Equity Increase Increase Increase Decrease Decrease Decrease No effect No effect No effect 3. Cash received in advance from client for services is recorded in unearned revenue. Assets No effect Liability No effect Equity No effect Decrease Decrease Decrease No effect No effect No effect I
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