TB MC Qu. 8-90 (Algo) In January 2024, Summit Department... In January 2024, Basu Department Store sells a gift card for $150 and receives cash. In February 2024, the customer comes back and spends $120 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Decrease liabilities by $120 and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $150, and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $120, and increase stockholders' equity by $150 Increase assets by $120 and increase stockholders' equity by $120

TB MC Qu. 8-90 (Algo) In January 2024, Summit Department... In January 2024, Basu Department Store sells a gift card for $150 and receives cash. In February 2024, the customer comes back and spends $120 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Decrease liabilities by $120 and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $150, and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $120, and increase stockholders' equity by $150 Increase assets by $120 and increase stockholders' equity by $120

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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Nelto deposits $2,500 in a bank account that pays 3% interest compounded quarterly. Two years later, how much do they have in their bank account? C 1 t=0 n Cash Flow Diagram ….....…... Time Value of Money (TVM) Framework PV PMT FV type How to compute using Excel? -function( rate, nper, pmt, [PV]. [type]) n CPT
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,250 to move their personal belongings, and she and Heather spent two days driving the 1,600 miles to Georgia. Reba rented a home in…
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In January 2024, Summit Department Store sells a gift card for $90 and receives cash. In February 2024 the customer comes back and spends $60 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Increase assets by $30, decrease liabilities by $90, and increase stockholders' equity by $60 Decrease liabilities by $6 O and increase stockholders' equity by 560 increase assets by $60 and increase stockholders' equity by $60 Increase assets by $30, decrease liabilities by $60, and increase stockholders equity by $90
Just want to make sure I did the journal entries correctly
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