financial reporting and the accounting cycle

Which of the following would usually NOT happen in a single transaction? Increase assets, decrease liabilities O Increase liabilities, decrease equity Increase assets, decrease liabilities O Decrease assets, decrease equity O Increase assets, increase liabilities If a company issues stock for cash, the accounting equation will show a(n) Increase in liabilities and decrease in equity O Increase in assets and increase in equity Decrease in assets and increase in equity O Decrease in liabilities and decrease in equity O Increase in liabilities and decrease in equity When a note payable is given to settle an existing account payable, O There is no net change in assets, liabilities, or equity Net equity is increased Net assets are increased O Net liabilities are increased During the period, Williams Company completed the following transactions: Purchased $3,000 of supplies for cash. Signed a note with Firstland Bank for a $30,000 loan (ignore interest). Paid $13,200 of accounts payable. As a result of these transactions, Williams Company's total assets would Increase by $14,400 O Increase by $16,800 O Increase by $19,800 O Increase by $45,600 The entry to record the payment of a note with interest usually includes a O Debit to Cash O Debit to Interest Expense Credit to Note Payable O Credit to Note Receivable After all transactions have been journalized and posted to the accounts, a trial balance will be prepared. The purpose of this is to O Close the books O Determine whether there is enough cash to pay dividends O Obtain unadjusted balances that can be transferred directly to the financial statements O Check that total debits equals total credits Which of the following is NOT usually part of an entry in the General Journal? O Account numbers for the debit and credit entry O The transaction date O Account titles for the debit and credit entry O An explanation of the transaction