General account Tutor solve asap A business pays $500 cash for their electricity bill. What effect does thistransaction have on the accounting equation?A. a decrease in the asset cash of $500 and a decrease in profit or loss of$500 to record the electricity expenseB. a decrease in the asset cash of $500 and an increase in profit or loss of$500 to record the electricity expenseC. a decrease in the asset cash of $500 and a decrease in the liabilityaccounts payable of $500D. an increase in the asset cash of $500 and a decrease in profit or loss of$500 to record the electricity expense

The correct answer is:A. a decrease in the asset cash of $500 and a decrease in profit or loss of…

Answered: A business pays $500 cash for their…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
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Under the allowance method of uncollectible accounts, the entry to write off a customer’s account affects the accounting equation by: decreasing an asset and decreasing stockholders’ equity (expense) increasing an asset and decreasing an asset increasing a liability and decreasing a liability decreasing a liability and increasing stockholders’ equity (revenue)
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
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Lisa Anderson started her own consulting firm, Anderson Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May. Stockholders invested $19,500 cash in the business in exchange for common stock. Paid $780 for office rent for the month. Purchased $650 of supplies on account. Paid $195 to advertise for the month in the County News. Performed services for customer for $1,820 cash. Paid $260 cash dividend. Performed $5,460 of services on account. Paid $3,250 for employee salaries. Paid for the supplies purchased on account on May 3. Received a cash payment of $1,560 for services performed on account on May 15. Borrowed $6,500 from the bank on a note payable. Purchased office equipment for $2,600 paying $260 in cash and the balance on account. 30 Paid $244 for utilities. May 1 2 3 5 925 12 17 22228 20 23 26 29

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