what goes where?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
what goes where?

Transcribed Image Text:QUESTION 1
Planet of the Grapes, Inc., paid its employees $15,000 during the month. Show the effect of this transaction on
total Assets, Liabilities, Stock and/or Retained Earnings and the account titles. If no effect, select "$0 No
Effect".
Assets
A. $(15,000) Cash
v Liabilities
B. $(15,000) Wages Expense
C. $15,000 Wages Expense
v Stock
D. $0 No Effect
v Retained Earnings
E. $15,000 Cash
F. $15,000 Wages Payable
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