Use the Following signs for each transaction under the relevant item 1. + The item is increased due to the transaction. 2. - The item is decreased due to the transaction. 3. +/- One item is increased and another is decreased due to the transaction. Table 1 S. No Transaction Assets Liabilities | Equity Investment made by the owner Equipment purchased on account Office equipment purchased with cash A bank loan was received in cash by the firm Equipment Sold More Equipment were purchased with Cash The loan lent by the bank was repaid by the firm Cash Withdrawals by the owner 1 3 4 7 8. Cash received from an account customer 10 Purchased Land, paid half in cash and half on credit

Use the Following signs for each transaction under the relevant item 1. + The item is increased due to the transaction. 2. - The item is decreased due to the transaction. 3. +/- One item is increased and another is decreased due to the transaction. Table 1 S. No Transaction Assets Liabilities | Equity Investment made by the owner Equipment purchased on account Office equipment purchased with cash A bank loan was received in cash by the firm Equipment Sold More Equipment were purchased with Cash The loan lent by the bank was repaid by the firm Cash Withdrawals by the owner 1 3 4 7 8. Cash received from an account customer 10 Purchased Land, paid half in cash and half on credit

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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I need help with this practice problem.
Which of the following transactions will increase an asset and increase a liability?a. Purchasing office equipment for cashb. Buying equipment on accountc. Paying an account payabled. Issuing stock
Answer only please
Increases in asset accounts are recorded on the debit side the right side the dark side the credit side
atement this account. or Balance Account Name Account Type (*) Is this account part of Retained Earnings? Yes or No Normal Balance You increase with a Debit or Credit Write DEBIT or CREDIT. Financial Statement where you find this account. Write: Income Statement or Balance Sheet Prepaid Maintenance Prepaid Supplies Property Tax Property, plat & Equipment Rent Expense Retained Earnings Sales Sales Allowances Sales Discount Sales Revenue Sales Tax Payable Service Revenue Short Term Debt Telephone Expense Trademarks Travel Treasury Stock Utilities Wages Payable Work in Process Inventory
For each of the items indicate type of activity as per cash flows:
fill in the blanks for cash and net income and explain why
Match each transaction with the most likely effect it has on Retained Earnings. Received interest on a savings account - not previously accrued. А. Increase Paid postage to ship a package. В. No effect V Received payment from a customer on account. C. Decrease Recorded a loss on sale of plant assets. Recorded an internally-developed patent. v Sold merchandise on account. Paid cash dividends.
What are the debits and credits?
B4.
For each independent situation below, indicate whether the transactions would be included in the statement of cash flows or not. No = Not included Yes= Included Transaction Included Sold items on account Wrote check to pay utilities Received cash investment by owner Recorded wages owed to employees Received bill for advertising
A business provider services to a customer on credit.Which of the following is correct: A.Assets increase and liabilities decrease at the time the cash is collected B.Assets increase and liabilities increase at the time of the sale C.Assets increase and the owner's equity increases at the time the cash is collected D.Assets increase and the owner's equity increases at the time of the sale