Describe how the following business transactions affect the three elements of the accounting equation. a. Received cash
Question:
a. Received cash for services performed.
b. Paid for utilities used in the business.
c. Borrowed cash at local bank.
d. Issued capital stock for cash.
e. Purchased land for cash.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (13 reviews)
a Increases assets and increases stockholders eq...View the full answer
Answered By
Aun Ali
I am an Associate Member of Cost and Management Accountants of Pakistan with vast experience in the field of accounting and finance, including more than 17 years of teaching experience at university level. I have been teaching at both undergraduate and post graduate levels. My area of specialization is cost and management accounting but I have taught various subjects related to accounting and finance.
5.00+
13+ Reviews
32+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Indicate how the following business transactions affect the basic accounting equation. (a) Paid cash for janitorial services. (b) Purchased equipment for cash. (c) Invested cash in the business. (d)...
-
Describe the effects of each of the following business transactions on assets, liabilities, and owners equity. a. Bought equipment on credit. b. Paid salaries to employees. c. Sold services for cash....
-
Describe how the following compounds could be prepared from benzene: a. b. CHCH CH,CH CH3 CH-CH-CH-CH-CH,
-
In Exercises use a graphing utility to graph the curve represented by the parametric equations. Indicate the direction of the curve. Identify any points at which the curve is not smooth. Curtate...
-
What is the origin of the term kanbans and why are they used in lean systems?
-
Paraphrase the seven rules of effective communication
-
Yury Wagoner Corporation is a marketing firm. The companys trial balance on July 31, 20xx, appears at the top of the next page. During the month of August, the company completed the following...
-
Hernandez Timber Company owns 9,000 acres of timberland purchased in 2001 at a cost of $1,400 per acre. At the time of purchase, the land without the timber was valued at $400 per acre. In 2002,...
-
A mining company is considering a new project. It has received a permit, so the mine would be legal, but it would cause significant harm to a nearby river. The firm could spend an additional $10...
-
A homeowner has asked a local real estate agent for advice on the price he should set for his house. The real estate agent notes that the only comparable house in the neighborhood that is currently...
-
For Target Corporation, indicate whether the following transactions would (1) increase, (2) decrease, or (3) have no effect on stockholders equity. a. Borrowed money from the bank. b. Paid creditors....
-
A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000 in cash. The seller pays the $80,000 owed. What is the effect of these transactions on the total...
-
Iota Management Corporation entered into a contract to purchase the Bel Air West Motor Hotel in the city of St. Louis from Boulevard Investment Company. The agreement contained the following...
-
Mainbrace Ltd is a book publisher and retailer which trades via the Internet. The company was formed using a kit bought from a legal stationer, start up capital was provided by the major shareholder,...
-
What other services do accountants provide in addition to auditing?
-
What are the rules on publishing accounts in abridged form?
-
What specific reports do directors have to ensure are included in the accounts under the UK Corporate Governance Code?
-
What are the time limits for laying and delivery of accounts?
-
Explain how cryptocurrency mining works.
-
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
-
State the freezing point of water on the following temperature scales. (a) Fahrenheit (b) Celsius (c) Kelvin.
-
Journalize the entries to record the following selected bond investment transactions for First Union: (a) Purchased for cash $400,000 of Medford City 5% bonds at 100 plus accrued interest of $4,500....
-
On August 15, 2,500 shares of Collins Company are acquired at a price of $51 per share plus a $125 brokerage fee. On September 10, a $1.10-per-share dividend was received on the Collins Company...
-
On February 12, 6,000 shares of Gilbert Company are acquired at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42-per-share dividend was received on the Gilbert Company stock....
-
Nora was hired as the Chief Executive Officer (CEO) of Gamma Corporation, a publicly-traded company in the energy sector, on January 1, 2022. For the fiscal year 2023, Gamma Corporation compensated...
-
Analyze the cost-volume-profit relationship for Ford Motor Company. The company sells its vehicles for $30,000 per unit. The variable cost per unit is $20,000, and the total fixed costs are...
-
Assume that a company is choosing Detween two aiternatives - keep an existing macnine or repiace it With a new machine. The costs associated with the two alternatives are summarized as follows: \...
Study smarter with the SolutionInn App