*...(If a box is not used in the transaction, leave the box empty; do not enter a zero. Enter decreases with a minus sign or pareAssetsLiabilitiesOwner's EquityAccountsAccountsLing,CashReceivableEquipment =PayableCapitalExplanationFeb 13300Owner invest v pense;TransactionsngpiFeb.1 Received $3,300 and gave capital to Marc Ling.Feb.3 Purchased a mower on account, $1,900.Feb.5 Performed lawn services for client on account, $260.Feb.17 Paid $68 cash for gas used in mower.Feb.28 Marc Ling withdrew cash of $310.PrintDone

Name: *...(If a box is not used in the transaction, leave the box empty; do
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Description: *...(If a box is not used in the transaction, leave the box empty; do not enter a zero. Enter decreases with a minus sign or pareAssetsLiabilitiesOwner's EquityAccountsAccountsLing,CashReceivableEquipment =PayableCapitalExplanationFeb 13300Owner inv

In an accounting equation , the total assets must equal liabilities plus owners equity.

Business

Accounting

Fa box is not used in the transaction, leave the box empty; do not enter a zero. Enter decreases with a mi Assets Liabilities Owner's Equity %3D Accounts Accounts Ling, Cash Receivable Equipment = Payable Capital Explanation Feb 1 3300 Owner invest v %3D

Fa box is not used in the transaction, leave the box empty; do not enter a zero. Enter decreases with a mi Assets Liabilities Owner's Equity %3D Accounts Accounts Ling, Cash Receivable Equipment = Payable Capital Explanation Feb 1 3300 Owner invest v %3D

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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Collection of a $2200 Accounts Receivable decreases an asset $2200; decreases a liability $2200. O increases an asset $2200; decreases an asset $2200. O decreases a liability $2200; increases stockholders' equity $2200. O increases an asset $2200; decreases a liability $2200.
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A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
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C O O O Using a perpetual inventory system, how should a company record the sale of inventory costing $540 for $1,100 on account? Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Accounts Payable Inventory Inventory Gain. Sales Revenue O Accounts Receivable. Sales Revenues. Gain O None of these answer choices are correct. ! 1 F1 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q A 2 N I F2 W #3 3 80 F3 E X $ 4 S D a F4 R C 1,100 LL 1,100 сторо 540 5 J *540 1,100 F 540 560 F5 T V ^ 6 540 1,100 1,100 540 1,100 MacBook Air G 540 560 F6 Y & 7 B J F7 H * 00 U 8 DII FB J N ( 9 1 F9 K M ) Save All Answers O O F10 <