Ask Question, Ask an Expert


Ask Basic Finance Expert

problem1: Which of the following reflects payment of a utilities bill from the power company?

[A] Cash decrease; Utilities Expense decrease

[B] Cash decrease; Utilities Payable increase

[C] Utilities Expense increase; Cash decrease

[D] Utilities Payable decrease; Cash increase

problem2: Clinton Repair Shop sold Office Supplies, at cost, to a competitor, for cash. Find which of the following reflects the impact of this transaction?

[A] Cash increase; Office Supplies decrease

[B] Accounts Payable decrease; Office Supplies decrease

[C] Office Supplies increase; Cash decrease

[D] Office Supplies increase; Accounts Payable increase

problem3: A cash payment for Rented Equipment has the following impact on the affected accounts:

[A] Rented Equipment Expense increase; Accounts Payable increase

[B] Accounts Payable decrease; Rented Equipment Expense decrease

[C] Cash increase; Rented Equipment Expense decrease

[D] Rented Equipment Expense increase; Cash decrease

problem4: John Tortoro, M.D. billing for the month of January amounted to $85,000. Of this total, $60,000 was received in cash and the remainder is on account. Which of the following illustrates the impact on the accounting records?

[A] Cash increase $85,000; Fees Earned increase $85,000

[B] Fees Earned increase $85,000; Accounts Receivable increase $25,000; Cash increase $60,000

[C] Cash increase $60,000; Accounts Receivable decrease $25,000; Fees Earned increase $85,000

[D] Fees Earned increase $60,000; Accounts Receivable decrease $25,000; Cash increase $85,000

problem5: An owner's withdrawal of cash from the company for personal use impacts which of the following accounts?

[A] Accounts Payable decrease; Cash decrease

[B] Owner's drawing increase; Cash decrease.

[C] Wage Expense increase; Cash decrease

[D] Owner's Capital decrease; Cash increase

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920884

Have any Question? 

Related Questions in Basic Finance

Jen corp is expected to pay a dividend of 650 per year

JEN Corp. is expected to pay a dividend of $6.50 per year indefinitely. If the appropriate rate of return on this stock is 10 percent per year, and the stock consistently goes ex-dividend 10 days before dividend payment ...

Introductionthe focus of this assignment is on risk and

Introduction The focus of this assignment is on Risk and Return. The expectation is that students will develop skills in measuring returns, risk assessment and analysis. Students are required to use the data provided in ...

John won a 75 million lottery today the payout is the

John won a $75 million lottery today. The payout is the following: John gets $2.5 million todayand $2.5 million each year for the next 29 years. How much money worth today for the lottery assuming federal tax rate is 39. ...

Assignment-investmentsa general bond and investor

Assignment- INVESTMENTS A. GENERAL BOND AND INVESTOR INFORMATION 1. Briefly discuss the general characteristics of the bond touching on: a. A brief description of the company that issued the bond. b. A brief description ...

Investors became nervous just before the 2002 brazilian

Investors became nervous just before the 2002 Brazilian presidential election. As a result, the risk premium on Brazilian government debt increased dramatically and Brazil's currency depreciated significantly. a. How cou ...

Topic water and real estatewrite a 1 page reviewcommentary

Topic: Water and Real Estate Write a 1 page review/commentary on an article from a magazine, newspaper, Wall Street Journal, etc. on the following topics. Due dates are listed below. This should be a news item and not fr ...

Use a graph to show what happens to the interest rate if

Use a graph to show what happens to the interest rate if the demand for money is increasing while the supply of money is decreasing.

Using the liquidity preference theory explain why the

Using the liquidity preference theory, explain why the quantity demanded of money is inversely related to the interest rate. What is a liquidity trap?

The fed briefly describe the origin of the federal reserve

The Fed Briefly describe the origin of the Federal Reserve System. Describe the functions of the Fed district banks.

Suppose 90 of kids who visit a doctor have a fever and 35

Suppose 90% of kids who visit a doctor have a fever, and 35% have a sore throat. Whats the probability that a kid goes to the doctor with a fever and a sore throat?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate