On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation: September 1 Description Verbally agreed to sign a 12 month commercial insurance contract for any liability that might emerge from the activity. Multiple Choice O Decrease assets and decrease liabilities Increase assets and increase Owner's equity Increase assets and increase liabilities Increase and decrease assets None of the other alternatives are correct Amount $600 per month for 1 year

On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation: September 1 Description Verbally agreed to sign a 12 month commercial insurance contract for any liability that might emerge from the activity. Multiple Choice O Decrease assets and decrease liabilities Increase assets and increase Owner's equity Increase assets and increase liabilities Increase and decrease assets None of the other alternatives are correct Amount $600 per month for 1 year

Name: On September 1, 2015, Richard started a small business called "Ricky
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Description: On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want tolearn and practice wrestling activities for fun by learning how t

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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George Hoskin started his own business, Hoskin Hauling on July 1, 2021. The following transactions occurred in the first two weeks:⦁ George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return.⦁ Paid two months' rent in advance, $800.⦁ Agreed to do a hauling job for a price of $1,200.⦁ Performed the hauling job discussed in “C.” We will get paid later.⦁ Received payment of $600 on the hauling job done in “D.”⦁ Purchased gasoline on credit, $50.⦁ Performed another hauling job. Earned $750, was paid cash.Required:⦁ Record the following transactions (journal entries or T-accounts). Label each entry with the appropriate letter. Total the transactions when you are done.⦁ Prepare an unadjusted trial balance as at July 31, 2021. Avoid images in Solutions thanks
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Subject: acounting