Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with these bonus questions for accounting 'vVhen cash is received in payment of an account receivable, which of the following is true?

I need help with these bonus questions for accounting

image text in transcribed

'vVhen cash is received in payment of an account receivable, which of the following is true? o a. Total assets and total owner's equity increase D b. Total assets increase o c. Total assets decrease CJ d. Total assets remain the seme O e. None of the above Payment of a liability will o a. decrease total liabilities end decrease total owner's equity C) b. decrease total assets and decrease total liabilities O c. have no effect on total assets and owner's equity o d. decrease total assets and increase total liabilities None of the above e. A company paid creditors on account, S 1 ,OOO. The effect of the transaction on the accounting equation is a. e decrease in an asset and a decrease in a liability D b. a decrease in an asset end e decrease in owner's equity c. an increase in an asset and a decrease in a liability O d. an increase in a liability and a decrease in an asset O e. None of the above A cash payment of S230 to a creditor was recorded as S320 debit to Accounts Payable and a S320 credit to Cash. The necessary correcting entry is: a. debit to Cash, "O, credit to Accounts Receivable, Sgo b. debit to Accounts Payable, Ego, credit to Cash, Sgo c. debit Cash, 590, credit Accounts Payable, Ego d. debit Accounts Receivable, Ego, credit Cash, Ego

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Business Law

Authors: Henry Cheeseman

10th Edition

0134728785, 978-0134728780

More Books

Students also viewed these Accounting questions

Question

What do you plan on doing upon receiving your graduate degree?

Answered: 1 week ago