equity

Question 9 1 pts Read the following journal entry and type in below the NET effect that this journal entry had on assets. In other words, add up the increases to total assets and deduct the decreases and enter the amount below. Debits Credits Cash 40 90 Accounts Receivable Sales Revenue 130 Cost of Goods Sold 50 Inventory 50 NOTE: The following is just a random bunch of debit and credit entries. It is not meant to balance but rather to test your understanding of the impact of debits and credits on a company's Total Equity. Based on the random debit and credit entries below, compute the NET change in the Company's Total Equity and enter it below. (I am not asking for whether it is a debit a credit balance but rather, "What happened to Equity, did it go up or Down?"). If Total Equity decreased by 4, enter it as -4. Account name Debit Credit Land 27 26 25 49 Utilities payable Gain on sale Copyrights Mortgages payable Prepaid rent Advertising expense 25 29 5 NOTE: The following is not a journal entry nor is it a full trial balance, it is just a random selection of entries to given accounts. Your job is to identify from the list of accounts below, which accounts would be classified as "Equity" accounts (accounts that directly impact overall equity). Once you have identified all Equity accounts, compute how the debits or credits in such accounts would impact a company's total equity. For example, if it would increase by 4 then just enter the number 4. If it would decrease by 4, enter the number as -4. 34 24 Account name Debit Credit Unearned Sales Revenue Bonds payable Sales Revenue 57 Common Stock 18 Salaries payable 20 Dividends 2 Cash