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The business hires an office manager at $700 a week. The immediate effect on the          accounting equation is to:

The business hires an office manager at $700 a week. The immediate effect on the          accounting equation is to:

FINANCIAL ACCOUNTING
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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  1. The business hires an office manager at $700 a week. The immediate effect on the

         accounting equation is to:

  1. increase equity by $700 and decrease the asset cash by $700.
  2. decrease the asset cash by $700 and decrease equity by $700.
  3. no effect as this is not a business transaction.
  4. increase wages by $700 and decrease equity by $700.
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