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...

See similar textbooks

Similar questions

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
What is the impact on the accounting equation when a current months utility expense is paid? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
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)
27.A company writes off as uncollectible an account receivable from a bankrupt customer. The company has an adequate amount in its Allowance for Uncollectible Accounts. What would be the effect of this transaction in the company's financial statements? a. Operating expenses for the period will increase. b. Total current assets will decrease. c. Net profit for the period will not be affected. d. Net profit for the period will decrease.
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
1.Expenses represent a reduction in ___. A.assets B.revenue C.liability D.equity 2.You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at: A.Income Statement B.Assets C.Revenues D.Balance Sheet
When a business performs services for a customer who will pay later, which of the following of the business' accounts are increased? Select one: O a. Accounts Receivable b. None of the choices O 0 c. Unearned Revenue d. Accounts Payable
What is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
The business collects an OR5,000 account receivable from its customer. How is the accounting equation affected? Select one: O a. Assets increase OR 5,000; owner's equity increases OR 5,000. O b. Assets increase OR 5,000; liabilities decrease OR 5,000. c. Assets increase OR5,000; liabilities increase OR 5,000. O d. One asset increases by OR5,000; another asset decreases OR $5,000.
1. Please see the attached photo. 2. The chart of accounts is a listing of the accounts presently having balances in the general ledger. True or false? 3. Revenue is the amount of money your business brings in by selling it's products or services to clients.
Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Expenses incurred, but not paid at the end of theaccounting period.d. Revenues that have been collected but not earned
Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021. Violation: (Yes/No) Applicable Assumption/Principle: b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

South-Western College Pub

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS