Venus Inc. paid $5,000 for accounts payable. How does thistransaction affect the accounting equation of Venus?A. Assets decrease and Liabilities decrease.B. Assets increase and Liabilities increase.C. Assets decrease and equity increase.D. Assets increase and equity decrease.

Step 1:The amount paid to accounts payable results in a decrease in assets as cash decreases; it…

Answered: Venus Inc. paid $5,000 for accounts…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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The Effect of Transactions on the Accounting Equation For each of the following transactions, indicate whether it increases (I), decreases (D), or has no effect (NE) on the total dollar amount of each of the elements of the accounting equation.
Which of the following transactions would cause the current ratio to increase (assumingthe current ratio is currently greater than 1)?a. Purchased inventory on credit.b. Purchased property, plant, and equipment for cash.c. Received money from a customer related to an accounts receivable.d. Paid off a payable.
What is the amount of net assets on these general accounting question?
What is the impact on the accounting equation when an accounts receivable is collected?A. both sides increaseB. both sides decreaseC. only the Asset side changesD. the total of neither side changes
Indicate the net effect (+ for increase; - for decrease; 0 for no effect) of each part of the accounting equation. Assets=Liabilities+Equity. For example : Payment of an accounts payable balance A(-)= L(-)+E(0) 1) sale of merchandise to customer on account 2) collection of accounts receivable 3) payment on note payable 4) purchase of equipment for cash 5) purchase of supplies on account
Services are provided for customers who are sent bills for the amount they owe. For thistransaction, identify the effect on the accounting equation.a. Assets increase and liabilities increase.b. Assets increase and stockholders’ equity increases.c. Liabilities increase and stockholders’ equity decreases.d. Liabilities decrease and assets decrease.
Required: Using the following categories, Indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) a. During the period, customer balances are written off in the amount of $11,800. b. At the end of the period, bad debt expense is estimated to be $9,800. 3. Assets Liabilities Stockholders' Equity
1. Please see the attached photo. 2. The chart of accounts is a listing of the accounts presently having balances in the general ledger. True or false? 3. Revenue is the amount of money your business brings in by selling it's products or services to clients.
Please see below. I need help with this asap please and thank you. The first picture is the information needed and the second has what the problem is asking for the answer to.
Lisa Anderson started her own consulting firm, Anderson Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May. Stockholders invested $19,500 cash in the business in exchange for common stock. Paid $780 for office rent for the month. Purchased $650 of supplies on account. Paid $195 to advertise for the month in the County News. Performed services for customer for $1,820 cash. Paid $260 cash dividend. Performed $5,460 of services on account. Paid $3,250 for employee salaries. Paid for the supplies purchased on account on May 3. Received a cash payment of $1,560 for services performed on account on May 15. Borrowed $6,500 from the bank on a note payable. Purchased office equipment for $2,600 paying $260 in cash and the balance on account. 30 Paid $244 for utilities. May 1 2 3 5 925 12 17 22228 20 23 26 29
For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance. Increase (+). Decrease (-). 1. 2. 3. Salaries and wages expense Accounts receivable 5. Service revenue 4. Common stock Dividends Debit Credit Normal Balance
Muin Corporation paid $500 on account. The effect of this transaction on Muin’s accounting equation is to: A. decrease liabilities and increase shareholders’ equity. B. decrease assets and decrease liabilities. C. has no effect on total assets. D. decrease assets and decrease shareholders’ equity.

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Venus Inc. paid $5,000 for accounts payable. How does this transaction affect the accounting equation of Venus? A. Assets decrease and Liabilities decrease. B. Assets increase and Liabilities increase. C. Assets decrease and equity increase. D. Assets increase and equity decrease.