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Zebra Company paid $700 cash for production workers' wages. How does this transaction affect the financial statements? Assets = Liabilities + Equity Revenue Expenses =
Zebra Company paid $700 cash for production workers' wages. How does this transaction affect the financial statements?
| Assets | = | Liabilities | + | Equity | Revenue | Expenses | = | Net Income | |||
| Cash | + | Work in Process Inventory | |||||||||
Multiple Choice
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(700) + 700 = NA + NA NA NA = NA -
(700) + NA = (700) + NA NA NA = NA -
(700) + NA = NA + (700) NA 700 = (700) -
NA + 700 = 700 + NA NA NA = NA
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