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Transaction: Timberwolf Co. pays $4,200 to a supplier on account. Required: For the transaction above, complete the following: (a) Select the accounts that are affected
Transaction: Timberwolf Co. pays $4,200 to a supplier on account. Required: For the transaction above, complete the following: (a) Select the accounts that are affected there will be at least two). (b) Are the selected accounts increased or decreased? (c) What is the dollar amount of change in the accounts? (d) If Retained Earnings is selected, choose the reason that it has changed. Account Which accounts are affected? Is the account increased or decreased? Increase What is the amount of transaction? Why has Retained Earnings changed? Cash $0 Decrease Increase Accounts Receivable Decrease Increase Supplies $ Decrease Increase Tools 0 $ Decrease Increase Accounts Payable 0 Decrease Increase Capital Stock $ Decrease Increase Retained Earnings Choose One Decrease X 5
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