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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
'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
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