COLLEGE ACCOUNTING
13th Edition
ISBN: 9780357531846
Author: Scott
Publisher: CENGAGE L
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Textbook Question
Chapter 6, Problem 7DQ
- a. Why would a business use a Petty Cash Fund?
- b. Describe the entry needed to establish a $50 Petty Cash Fund and an entry to reimburse the fund.
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The F Company sold the land for $86,000 in cash. The land was originally purchased for $56,000, and at the time of the sale, $17,000 was still owed to First National Bank on that purchase. After the sale, The F Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation? 1. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $5,000. 2. assets increase by $60,000; liabilities decrease by $15,000; owner's equity increases by $20,000. 3. assets increase by $13,000; liabilities decrease by $17,000; owner's equity increases by $30,000. 4. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $35,000. I want answer to this accounting question
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Chapter 6 Solutions
COLLEGE ACCOUNTING
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
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- The F Company sold the land for $86,000 in cash. The land was originally purchased for $56,000, and at the time of the sale, $17,000 was still owed to First National Bank on that purchase. After the sale, The F Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation? 1. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $5,000. 2. assets increase by $60,000; liabilities decrease by $15,000; owner's equity increases by $20,000. 3. assets increase by $13,000; liabilities decrease by $17,000; owner's equity increases by $30,000. 4. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $35,000arrow_forwardPlease give me answer general accounting questionarrow_forwardCan you please give me correct answer the financial accounting question?arrow_forward
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