Question
Describe the following in layman's terms to someone who does not know anything about accounting. Below are the 5 examples you need to analyze in
Describe the following in layman's terms to someone who does not know anything about accounting.
Below are the 5 examples you need to analyze in non-accounting terms: (do not worry about previous balances in the accounts)
1) Go to the movies using $12 cash.
Accounts and how they are affected:
In the long term (financial statements):
2) Pay off your credit card $780 along with the $40 finance charge.
Accounts and how they are affected:
In the long term (financial statements):
3) Your $1,000 pay check is deposited into your bank account.
Accounts and how they are affected:
In the long term (financial statements):
4) Loan a friend $70 to be paid back in 2 weeks.
Accounts and how they are affected:
In the long term (financial statements):
5) Buy a used $15,000 car put down 1/3 cash as a deposit and take a loan for the rest.
Accounts and how they are affected:
In the long term (financial statements):
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