Select the appropriate description based on its effects on the Accounting Equation:Liabilities + Stockholders' EquitySales Rent ExpenseAccounts PayableDividends +(1)(2)(3)1) +10,0002)-6003)4) +5005) -2006)-4007)-100(4)(5)AssetsCash + Supplies +Equipment(6)+200+600=+200-200[Choose ][Choose][Choose ][Choose ][Choose ][Choose ]+500+400<<+100ContributedCapital+10,000

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Description: Select the appropriate description based on its effects on the Accounting Equation:Liabilities + Stockholders' EquitySales Rent ExpenseAccounts PayableDividends +(1)(2)(3)1) +10,0002)-6003)4) +5005) -2006)-4007)-100(4)(5)AssetsCash + Supplies +Equip

Accounting equation refers to that equation which represents the relation between the assets,…

Business

Accounting

Select the appropriate description based on its effects on the Accounting Equation: Liabilities + Stockholders' Equity Accounts Payable Sales - Rent Expense Dividends + Cash 1) +10,000 2) -600 3) 4) +500 -200 -400 7) -100 5) 6) Assets + Supplies + Equipment +200 +600 = +200 -200 +500 +400 +100 Contributed Capital +10,000

Select the appropriate description based on its effects on the Accounting Equation: Liabilities + Stockholders' Equity Accounts Payable Sales - Rent Expense Dividends + Cash 1) +10,000 2) -600 3) 4) +500 -200 -400 7) -100 5) 6) Assets + Supplies + Equipment +200 +600 = +200 -200 +500 +400 +100 Contributed Capital +10,000

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Select the appropriate description based on its effects on the Accounting Equation:
Liabilities + Stockholders' Equity
Sales Rent Expense
Accounts Payable
Dividends +
(1)
(2)
(3)
1) +10,000
2)
-600
3)
4) +500
5) -200
6)
-400
7)
-100
(4)
(5)
Assets
Cash + Supplies +Equipment
(6)
+200
+600
=
+200
-200
[Choose ]
[Choose]
[Choose ]
[Choose ]
[Choose ]
[Choose ]
+500
+400
<
<
+100
Contributed
Capital
+10,000

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