Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 [15 points] Zoom Inc. recorded the following transactions cocurred during the month of May, Indicate whether each transaction would cause an increase

image text in transcribed

Question 2 [15 points] Zoom Inc. recorded the following transactions cocurred during the month of May, Indicate whether each transaction would cause an increase (+), decrease ( ), or has no effect (NE) on each of the carponer of the accounting equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a different account, select(+) a) Avery Wilson (a shareholder, cevad share capital in Zoom inc, after investing 360,000 of aquipment into the business b) Avery Wilson, a shareholder of Zoom Inc. received share capital after investing fumitume worth $,000 and a building worth $34,000 win the business c) Avery Wilson (a shareholder), received share capital in Zoom Inc, after investing $85.000 of supplies into the business di Zcom inc used $1,000 cash and $3.250 credit to purchase new equipment worth $4.250 e) 54,200 of supplies purchased on credit in an earlier transaction were found to be defective They were returned Zoom Inc ended machinery to a customer on credit, $900 a) Zoom Inc used credit to purchase $300 of supplies h) Zoom Inc will pay the $1.000 advertising bill received today within 30 days Furniture was rented by a customer for $1,500 cash i) Zcom Inc purchased a 320,500 track by borrowing the amount from the bank through a short-note payable k) Zcom inc retumed $4,000 of defective supplies today that were originaity purchased for cash $1,200 of furniture purchased on credit in an earlier transaction was found to be damaged Zoom Inc returned it to the supplier m) The bill for the $500 advertising campaign that ran last wook was received today and paid n) Zoom Inc. paid this month's $250 ustities bil received today o) Zoom Inc. received a bill today for this month's utilities; $350. It will be paid within 30 days A LE

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

Cornerstones of Financial and Managerial Accounting

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

2nd edition

978-0538473484, 538473487, 978-1111879044

More Books

Students also viewed these Accounting questions

Question

List one of the facultys publications in APA style.

Answered: 1 week ago

Question

Explain the importance of Human Resource Management

Answered: 1 week ago

Question

Discuss the scope of Human Resource Management

Answered: 1 week ago

Question

Discuss the different types of leadership

Answered: 1 week ago

Question

Write a note on Organisation manuals

Answered: 1 week ago

Question

Calculate measures of center (mean, median).

Answered: 1 week ago