Manor Ltd. records their business transactions into the basic accounting equation. For each of the following independent business activities, indicate the effect on the basic accounting equation. Signed a contract with a new customer to provide $6,000 of services in the future. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. Enter the correct LETTER choice (A B C D E F G H I J K L M N ) Purchase $800 of office supplies on account. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. Enter the correct LETTER choice (A B C D E F G H I J K L M N ) The owners were paid $900 of dividends in cash. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. Enter the correct LETTER choice (A B C D E F G H I J K L M N ) Collected $600 of accounts receivable from a customer. A. Increase assets, decrease assets B. Increase assets, decrease liabilities C. Increase assets, increase liabilities D. Increase assets, increase equity E. Increase assets, decrease equity F. Increase liabilities, increase equity G. Increase liabilities, decrease equity H. Decrease liabilities, increase equity I. Decrease liabilities, decrease equity J. Decrease assets, decrease liabilities K. Decrease assets, increase liabilities L. Decrease assets, increase equity M. Decrease assets, decrease equity N. No entry is required. Enter the correct LETTER choice (A B C D E F G H I J K L M N )
Manor Ltd. records their business transactions into the basic
For each of the following independent business activities, indicate the effect on the basic accounting equation.
Signed a contract with a new customer to provide $6,000 of services in the future.
A. Increase assets, decrease assets
B. Increase assets, decrease liabilities
C. Increase assets, increase liabilities
D. Increase assets, increase equity
E. Increase assets, decrease equity
F. Increase liabilities, increase equity
G. Increase liabilities, decrease equity
H. Decrease liabilities, increase equity
I. Decrease liabilities, decrease equity
J. Decrease assets, decrease liabilities
K. Decrease assets, increase liabilities
L. Decrease assets, increase equity
M. Decrease assets, decrease equity
N. No entry is required.
Enter the correct LETTER choice (A B C D E F G H I J K L M N )
Purchase $800 of office supplies on account.
A. Increase assets, decrease assets
B. Increase assets, decrease liabilities
C. Increase assets, increase liabilities
D. Increase assets, increase equity
E. Increase assets, decrease equity
F. Increase liabilities, increase equity
G. Increase liabilities, decrease equity
H. Decrease liabilities, increase equity
I. Decrease liabilities, decrease equity
J. Decrease assets, decrease liabilities
K. Decrease assets, increase liabilities
L. Decrease assets, increase equity
M. Decrease assets, decrease equity
N. No entry is required.
Enter the correct LETTER choice (A B C D E F G H I J K L M N )
The owners were paid $900 of dividends in cash.
A. Increase assets, decrease assets
B. Increase assets, decrease liabilities
C. Increase assets, increase liabilities
D. Increase assets, increase equity
E. Increase assets, decrease equity
F. Increase liabilities, increase equity
G. Increase liabilities, decrease equity
H. Decrease liabilities, increase equity
I. Decrease liabilities, decrease equity
J. Decrease assets, decrease liabilities
K. Decrease assets, increase liabilities
L. Decrease assets, increase equity
M. Decrease assets, decrease equity
N. No entry is required.
Enter the correct LETTER choice (A B C D E F G H I J K L M N )
Collected $600 of
A. Increase assets, decrease assets
B. Increase assets, decrease liabilities
C. Increase assets, increase liabilities
D. Increase assets, increase equity
E. Increase assets, decrease equity
F. Increase liabilities, increase equity
G. Increase liabilities, decrease equity
H. Decrease liabilities, increase equity
I. Decrease liabilities, decrease equity
J. Decrease assets, decrease liabilities
K. Decrease assets, increase liabilities
L. Decrease assets, increase equity
M. Decrease assets, decrease equity
N. No entry is required.
Enter the correct LETTER choice (A B C D E F G H I J K L M N )
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