Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.” To determine the example for a series of below transactions.

Question

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Answer 1

Question

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.

Conclusion

Thus, the statement is discussed with example.

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02:19

Students have asked these similar questions

On May 1st, Golden Harvest, Inc. purchased $1,500 worth of supplies on account. On December 31st, the fiscal year-end for Golden Harvest, it is determined that $800 worth of supplies still remain. What is the balance in the supplies account after adjustment?

Beginning inventory 53000, ending inventory 60000

Compute the company's assets turnover for 2022.

Answer 2

Question

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.

Conclusion

Thus, the statement is discussed with example.

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02:19

Answer 3

Question

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.

Conclusion

Thus, the statement is discussed with example.

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02:19

Answer 4

Question

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.

Conclusion

Thus, the statement is discussed with example.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:19

Answer 5

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.

Conclusion

Thus, the statement is discussed with example.

Answer 6

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.

Conclusion

Thus, the statement is discussed with example.

Answer 7

Chapter 3, Problem 1Q

To determine

Business transaction: It is an activity that is measured through the medium of money, which affects the financial situation of the entity. The business transactions also affect the main elements in accounting such as “assets, capital, expenses, liabilities, and income.”

To determine the example for a series of below transactions.

Answer 8

Expert Solution & Answer

Explanation of Solution

Accounts payable: This is shortly called AP, where the company purchase goods on credit and need to pay back in shorter time.

Accounts receivable: This is shortly termed AR, where the organization is expecting to receive money from their clients after delivery of their product.

a.

Statement: There is an decrease in the value of the asset and value of the liability.”

Example: “This statement represent the payment of an accounts payable.”

b.

Statement: There is a decrease in the value of the asset and increase in value of the another asset.”

Example: This statement represents that the company delivers the good and gets the profit after sale which represent the accounts receivable.

c.

Statement: There is a decrease in the value of one liability and increase in value of another liability.

Example: This statement represents the process of conversion from accounts payable to notes payable.