How would each of these transactions affect the accounting equation?1) Purchasing £800 worth of inventory on credit. 2) Paying the telephone bill of £25.3) Selling £450 worth of inventory for £650.4) Paying £800 to the supplier.
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How would each of these transactions affect the
1) Purchasing £800 worth of inventory on credit.
2) Paying the telephone bill of £25.
3) Selling £450 worth of inventory for £650.
4) Paying £800 to the supplier.
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- A business buys £1,000 of inventory on credit. What is the dual effect of this transaction? a. Increase creditors and increase inventory b. Decrease creditors and increase inventory c. Decrease cash and increase inventory d. Increase debtors and increase inventoryCracker & Company sold merchandise to a customer on credit. The sale price was $8,000. What would be the effect of this transaction on the accounting equation? Select the correct option form screenshot.Show how the following transactions for March 2024 will reflect in the ledger accounts of Mike Traders. i. Purchased trading inventory on cash for R120 000. ii. Bought stationary on credit R7 500. iii. Bought a computer for R19 200 cash.
- What is the amount of the gross profit on these accounting question?6. 131 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. a. What is the entry for this transaction on the horizontal equation? b. What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Cash %3D Flow a. b. 4) Here are the inventory purchases and sales for Fraser Company: Inventory Layers Available for Sale: October 1 Beginning Inventory 14 @ $16 $224 9. Study guide - Chapter 5 (with solutions).docx 19 f12 Oly prt sc 114Which of the following can have a VERY high amount of accounts receivable & long receivables collection period? O Bank O Retail B2B (Business to business) Retail B2C (Business to customer) O Utility company
- Fay Company reported the following transactions: . • Bought $115 of inventory • Sold $60 of inventory for $190 cash • Sold $55 of inventory for $100 on credit • Received a $50 prepayment Enter your answer What effect do these transactions have on Net Income? $ such that increases in net income are positive and decreases in net income are negative.Please answer the general accounting question without use Ai and chatgptProvide correct solution for this accounting question
- Purchased goods for £1,000 paid by bank transfer. The correct transaction will be: Debit: ---------- Credit: bank--------------The following information relates to a computer shop owner who makes all purchases on credit: at 31.12.2010 at 31.12.2009 £ £ Inventory/Stock 10,600 10,300 Trade Receivables/Debtors 5,400 4,800 Trade payables/Creditors 5,900 6,300 Transactions during 2010: £ Amount received from trade receivables/debtors 127,600 Amount paid to trade payables/creditors 93,200 Cash sales 23,200 Discount allowed to trade receivables/debtors 2,400 Bad debts written off 800 Increase in allowance/provision for doubtful debts 250 Refunds received from trade payables/creditors 80 The gross profit earned by the computer shop owner during 2010 was: Answers: a. £38,820 b. £38,870 c. £61,750 d. £62,180What will be the firm's operating cycle for this accounting question?