What is the effect on the accounting equation when a company purchases inventory on credit? (a) Assets increase, liabilities decrease (b) No effect on the accounting equation (c) Assets decrease, equity decreases (d) Assets increase, liabilities increase
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- Which of the following is not an element of the financial statements? A. future potential sales price of inventory B. assets C. liabilities D. equityWhat is the effect on the accounting equation when a company purchases inventory on credit? (a) Assets increase, liabilities decrease (b) No effect on the accounting equation (c) Assets decrease, equity decreases (d) Assets increase, liabilities increaseCorrect answer
- Which one of the following accounts is unlikely to ever be seperately disclosed in the income statement? O A. Cost of sales O B. Bad debts O C. Interest on current bank account O D. DepreciationWhich of the following items in the balance sheet does NOT have a constant relationship with sales in general when we use the percent of sale method to construct pro forma financial statements? Retained earnings Inventory Accounts receivables Accounts payablesWhat is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
- Indicate the section of an income statement in which each of the following is shown.a. Loss on inventory write-down. b. Loss from strike.c. Bad debt expense.d. Loss on disposal of a discontinued business. e. Gain on sale of machinery.f. Interest expense.g. Depreciation expense.h. Interest revenueI want answerIf an asset is purchased on credit. what is the effect on the accounting equation? a) Assets increase; liabilities increase b) Assets decrease: equity decreases c) Liabilities decrease: equity increases d) No effect on the accounting equation