Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem1: Clinton Repair Shop sold Office Supplies, at cost, to a competitor, for cash. 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

[E] Accounts Payable decrease; Office Supplies decrease

problem2: 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

problem3: Which of the following titles reflect an asset account, an owner’s equity account and an expense account respectively?

[A] Accounts Payable, Owner’s Drawing, Salaries Payable

[B] Accounts Receivable, Owner’s Capital, Inventory

[C] Equipment, Owner’s Drawing, Inventory

[D] Accounts Receivable, Owner’s Capital, Rent Expense

problem4: Which of the following reflects the investment of cash by Rickie James in her sole proprietorship?

[A] James, Drawing increase; Cash decrease

[B] Cash increase; James, Drawing increase

[C] James, Capital increase; Cash decrease

 

[D] Cash increase; James, Capital increase

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921718

Have any Question? 


Related Questions in Accounting Basics

Assume that wal-mart stores inc has decided to surface and

Assume that Wal-Mart Stores, Inc. has decided to surface and maintain for 10 years a vacant lot next to one of its stores to serve as a parking lot for customers. Management is considering the following bids involving tw ...

Problem-fenwicke company organized and began operating a

Problem- Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015, by investing LCU 68,000. This subsidiary immediately borrowed LCU 170,000 on a five-year note with 6 percent i ...

Accounting chatchat 1300 words or lesswhat is the

Accounting Chat Chat #1 300 words or less What is the difference between cash and accrual basis of accounting? What kind of accounts are affected with adjustments? How to determine if an account or transaction is for a p ...

Principleswhat is income according to gaapwhat concepts do

Principles What is income according to GAAP? What concepts do the differences in the three income measures for The Caddie Shack Driving Range illustrate?

Sanford company -the sanford company had the following

Sanford Company - The Sanford Company had the following balance sheet as of December 31, 20x2.  The transactions for the first three months of 20x3 are also presented along with other information about specific accounts. ...

Wayne and maria file a joint tax return on which they

Wayne and Maria file a joint tax return on which they itemize their deductions and report AGI of $50,000. During the year they incurred $1,500 of medical expenses when Maria broke her leg. Furthermore, their dentist info ...

Your dog peyton has severe allergies and cannot have the

Your dog, Peyton, has severe allergies and cannot have the usual store-bought dog treats. You have been making homemade treats for him that are all-natural and hypoallergenic. Over the past year, you have been making and ...

Tim and jill taylor are retiring this year tim has worked

Tim and Jill Taylor are retiring this year! Tim has worked for a utility company since his co-op job in college and has participated in all of the company's retirement savings plans. Jill has worked since their kids were ...

Management accounting with a strategic perspective

Management Accounting with a Strategic Perspective Assignment- Scenario - You are a management accountant at Mirror Tools Limited (Mirror Tools) and report to Marshall Singh, who is the chief financial officer. Mirror To ...

While auditing the financial statements of forble corp

While auditing the financial statements of Forble Corp. (which are to be included in a Securities Act registration statement), Ernie, a certified public accountant, fails to review any of Forble's journal entries, does n ...

  • 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