Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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):

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions