College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 1, Problem 5QY
M. Parish purchased supplies on credit. What is the impact on the
- a. Increase Supplies and decrease Cash.
- b. Increase Supplies Expense and increase Accounts Payable.
- c. Increase Supplies Expense and increase
Accounts Receivable . - d. Increase Supplies and increase Accounts Payable.
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Chapter 1 Solutions
College Accounting (Book Only): A Career Approach
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - In July of this year, M. Wallace established a...Ch. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - P. Schwartz, Attorney at Law, opened his office on...Ch. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
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- he purchase of supplies with cash would be recorded as a. Debit Cash; Credit Supplies Expense. b. Debit Supplies; Credit Cash. c. Debit Cash; Credit Supplies. d. Debit Supplies Expense; Credit Cash.arrow_forwardWhich one of the following statements about revenue is not correct?A. Revenue can result in increases in accounts receivableB. Revenue can result in increases in liabilitiesC. Revenue is earned whenever cash is received from a customerD. Revenue is earned when a service is provided to a customerarrow_forwardWhat is the primary purpose of the Statement of Affairs ? a. To determine how much is owed by the customers b. To determine the amount for the owners equity c. To determine how is left in the bank account d. To determine if there was a gain or loss on disposal The term Margin is determined by which of the following operations? a. Adding all the incomes b. Dividing gross profit by sales c. Subtracting expenses from sales d. Multiplying capital by a decimal The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was completely destroyed by flood rains. The following information is available: (1) Inventory at December 1, 2010 at cost $31,400 (2) Purchases for December 2010 $55,600 (3) Sales for December 2010 $88,800 (4) Standard mark-up is 25% Based on this information, what was the value of the closing inventory? a. $15,960 b. $17,760 c. $20,400 d. $25,800…arrow_forward
- What is the EFFECT on accounting equation for the transaction "Commission Received OMR 100"? a. Decrease Cash, Decrease Commission O b. Increase Creditor, Increase Commission O c. Increase Cash, Increase Commission O d. Decrease Cash, Increase Commissionarrow_forwardThe journal entry to record a payment on account willa. debit Accounts Payable and credit Retained Earnings.b. debit Expenses and credit Cash.c. debit Cash and credit Expenses.d. debit Accounts Payable and credit Cash.arrow_forwardExpense accounts are: A.Increased and decreased with debits. B. Increased with credits and decreased with debits. C. Increased and decreased with credits. D. Increased with debits and decreased with credits.arrow_forward
- The Purchases account in a general ledger: O a. js an asset account. O b. appears on the income statement. O c. appears on the balance sheet. O d. has a normal credit balance.arrow_forwardwhat is the entry for purchase of supplies on account? O debit supplies, credit cash debit supplies, credit accounts payab debit supplies,, credit owners investment debit supplies, credit accounts receivable?arrow_forwardRevenue is properly recognized: Multiple Choice O O When the customer makes an order. Only if the transaction creates an account receivable. At the end of the accounting period. When goods or services are provided to customers and at the amount expected to be received from the customer. When cash from a sale is received.arrow_forward
- The earnings of service revenue that are not yet received in cash are recorded as follows: Group of answer choices Debit to cash and credit to revenue Debit to accounts payable and credit to revenue Debit to accounts receivable and credit to revenue Debit to revenue and credit to accounts receivablearrow_forwardBest choicearrow_forwardClassify each transaction whether they are operating, financing and investing. After which, indicate the reason for classification. Finally, indicate the effect of the transaction to cash flows.arrow_forward
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