The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation: September 1 Description Opened a business bank account with $50,000 of his own personal savings Multiple Choice None of the other alternatives are correct Increase and decrease assets Increase assets and increase liabilities Decrease assets and decrease liabilities Increase assets and increase Owner's equity Amount $50,000

The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation: September 1 Description Opened a business bank account with $50,000 of his own personal savings Multiple Choice None of the other alternatives are correct Increase and decrease assets Increase assets and increase liabilities Decrease assets and decrease liabilities Increase assets and increase Owner's equity Amount $50,000

Name: The following transaction occurred during the first month of operatio
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation:September1DescriptionOpened a business bank account with$50,000 of his own personal savingsMultiple ChoiceNone of t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 3PA: Domingo Company started its business on January 1, 2019. The following transactions occurred during...

See similar textbooks

Related questions

Q: Prepare a bank reconciliation using good format. b. Prepare any necessary adjusting journal entries…

A: Sometimes There may be a difference in cash & passbook Balances. Usually Cash & Bank Pass…

Q: show the effect of transactions on accounting equation owner deposits 20000 in new business account

A: Formula: Accounting equation: Assets = Liabilities + Owners equity

Q: The company's bank reconciliation at June 30 included interest earned in the amount of $150.…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Transactions and balances for Diana Wonder are provided below: • 31 Jul 2020 Bank Statement balance…

A: Bank reconciliation is the process of checking out the difference between bank balance and cash…

Q: E4-5 Below are several amounts reported at the end of the year. Currency located at the company…

A: The cash and cash equivalents that are listed on the balance sheet under the current assets heading.…

Q: PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Question 1. From the following transactions, classify Debit and Credit and record Journal Entries.…

A: A. Journal Entries of the given transactions are as follows: DATE PARTICULAR DEBIT CREDIT Mar 1…

Q: How will IFFA record the May 1 transaction? a. No entry is needed. b. decrease Cash and increase…

A: the information about IFFA's transactions and Stores Ltd.'s account balances is unrelated and cannot…

Q: Instructions The following data were gathered to use in reconciling the bank account of Reddan…

A: Bank reconciliation is prepared to reconcile the bank statement balance and bank balance as per…

Q: Perform a bank reconciliation of comvita company. a) Reconcile Jack Steel’s month end cash balance…

A: (a) Bank Reconciliation Statement Particulars Amount($) Amount($) Balance as per Pass Book…

Q: construct the Journal Entry of the transaction: Date/# Account Title Debit Credit Oct-01 Garcia…

A: Accounting involves the classification, analysis and summarization of relevant accounting…

Q: Refer to the information provided in Table below to answer the question(s) that follow. Table First…

A: We are given the following data - Assets Liabilities Reserves-$800 Deposits Loans-$400 Net Worth…

Q: mentSessio... Bank Reconciliation The following data were accumulated for use in reconciling the…

A: Bank Reconciliation Statement is a statement which is prepared by the management to reconcile the…

Q: - Interest earned on the bank balance: $30 Required: (a) Prepare a bank reconciliation for the month…

A: Bank reconciliation Statement compares Cash book balance of the company with its Bank Statement.

Q: Below you will see SOME (not all!) of UPS' transactions in their most recent fiscal year. Provide…

A: Journal entry refers to the primary recording of any transaction which can be measured in financial…

Q: Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31…

A: Bank reconciliation is a process of matching the bank statement balance and bank balance in…

Q: Record the entries for each of the following showinh 1 You have decided to open your own business…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: How will IFFA record the May 1 transaction? a. No entry is needed. b. decrease Cash and increase…

A: To answer these questions, we need to apply basic accounting principles, particularly the…

Q: journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on…

A: Particulars Amount. Dr. Amount Cr. 1 Accounts receivable 10,000 To, Cash 10,000…

Q: Mi Tierra Bank Assets Liabilities S10,000 Demand deposits $5,000 $85,000 Owner's equity $100,000…

A: answer are as follows.

Q: wing is a summary of Jane’s bank account for the year ended 31 December 2021:…

A: Calculation of Sales Calculation of Purchase Income Statement for the year ending 31 dec, 2021…

Q: On November 6 Jason Taylor withdrew $90,000 from personal savings and deposited it in a new business…

A: According to the double entry system of accounting, one account is debited and other account is…

Q: On November 6 Jason Taylor withdrew $90,000 from personal savings and deposited it in a new business…

A: The accounts balances of business are classified as debit and credit balance. The assets and…

Q: f. The bank erroneously Required: Prepare a bank reconciliation as of December 31st

A: 1. NSF Checks are not sufficient funds checks which are recorded in books of accounts but was not…

Q: Below are several amounts reported at the end of the year. Currency located at the company Supplies…

A: Cash is considered as the most liquid form of current asset. It includes coins, currency, checks,…

Q: General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Checks 101 102 103 106 Bank…

Q: Required information Skip to question [The following information applies to the questions…

A: Bank reconciliation statement is the statement that shows comparision of bank pass book and cash…

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

Topic Video

Question

The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation:
September
1
Description
Opened a business bank account with
$50,000 of his own personal savings
Multiple Choice
None of the other alternatives are correct
Increase and decrease assets
Increase assets and increase liabilities
Decrease assets and decrease liabilities
Increase assets and increase Owner's equity
Amount
$50,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Explanation of the concept of Accounting Equation

VIEW

Step 2: Determining the correct option

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Please do not give solution in image format thanku
SP 6 Serial Problem Business Solutions (Algo) LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,666. The general ledger Cash account, Number 101, shows an ending cash balance per books of $68,266 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101, reveals the following. a. The bank erroneously cleared a $600 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. b. On March 25, the bank statement lists a $57 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $36 interest earned on Business Solutions's checking…
Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…
Identify and explain the components of IT Bank's Balance Sheet?
Below you will see SOME (not all!) of UPS' transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. a) Borrowed $5,205 million cash from a bank by signing a note payable. Account Title Debit Credit
PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…
Complete the attached excel sheet using the data
gp.4
Practice Help
E4-5 Below are several amounts reported at the end of the year. Currency located at the company Supplies Short-term investments that mature within three months Accounts receivable Balance in savings account Checks received from customers but not yet deposited Prepaid rent Coins located at the company Equipment Balance in checking account Required: Calculate the amount of cash to report in the balance sheet. $1,050 3,200 1,950 3,500 8,500 650 1,450 110 9,400 6,200
4
devrat