An accountant has debited an asset account for $1,000 and credited a liability account for $500. What can be done to complete the recording of the transaction? * O Debit another asset account for $500 O Nothing further must be done. Credit a different asset account for $500. Debit an owner's equity account for $500
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- An accountant has debited an asset account for $1700 and credited a liability account for $1300. What can be done to complete the recording of the transaction?1. Green Company buys a laptop computer on credit for P72,000. The transaction will affect the: assets, liabilities and owner's equity, assets and liabilities only, liabilities and owner's equity only, or assets only? 2. An accountant has debited an asset account for P1,000 and credited a liability account for P500. Which of the following would be an incorrect way to complete the recording of the transaction? a. credit an owner's equity account for P500 b. credit an asset account for P500 c. debit an owner's equity account for P500 d. credit another liability account for P500 3. An entry to record the owner's initial cash investment P500,000 will require a: a. credit to Capital account for P500,000 b. Debit to Capital account for P500,000 c. credit to Cash account for P500,000 d. Debit to Loans Payable account for P500,000Selica Financial purchased supplies for $1,400. It paid $400 in cash and agreed to pay the balance in 30 days. The accounts used to record this transaction would include a debit to an asset account for $1,400 and a credit to a liability account for $1,000. Which of the following would be the correct way to complete the recording of the transaction? O Debit the Drawings account for $400. O Credit an asset account for $400. O Credit another liability account for $400. O Credit the Capital account for $400 4
- A vacant lot acquired for $375,500, on which there is a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets? Thank you!Directions: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________1. An excess of equity over current assets is equal to liabilities. __________2. The asset is cash or cash equivalent restricted to settle a liability for more than twelve months after the reporting period is classify as current assets. __________3. Assets are classified as noncurrent if the assets are reasonably expected to be realize in cash or consume beyond the normal operating cycle. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the…Bramble Industries purchased supplies for $1120. They paid $360 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1120, a credit to a liability account for $760. Which of the following would be the correct way to complete the recording of the transaction? O Credit another liability account for $360. O Credit an asset account for $360. O Debit the retained earnings account for $360. O Credit the retained earnings account for $360. Save for Later W E S D $ T 6 F G B 7 N 8 Attempts: 0 of 1 used EB 9 20 K Submit Answer P
- Indicate (by choosing the appropriate letter) whether each of the following would be reported in the section of financial statements identified as: (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, (e) expense, or (f) long-term liabilities. (An item may be used multiple times) (1) ____ Accumulated depreciation-Truck (2) ____ Rent expense (3) ____ Fees earned (4) ____ Salaries payable (5) ____ Prepaid rent (6) ____ Store supplies (7) ____ Advertising expense (8) ____ Unearned rent (9) ____ Note payable (all of it is due in 2025) (10) ____ Truck8) Marya Travel Company plans to know the total assets it has possessed as on date. Ms Shima, the accountant is asked to calculate the Total Assets. She checks the Income Statement and Balance Sheet where it shows the value of Building OMR 50,000, Office Stationery OMR 500, Creditors OMR 5,000 and Plant OMR 50,000. What is Total Assets of the company? a. OMR 100,000 b. OMR 105,500 c. None of the options d. OMR 94,500You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8June 1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque £5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for £200 cash. 26 Paid amount owing to Dream Ltd £1,780 by cheque. 28 Took £130 out of the bank and added to cash. 30 F Brown lent us £4,000 – giving us the money by cheque.
- You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8June == == == == == == == == == 1 Started business with £12,000 in cash.2 Paid £11,700 of the opening cash into a bank account for the business.5 Bought office furniture on credit from Dream Ltd for £1,900.8 Bought a van paying by cheque £5,250.12 Bought equipment from Pearce & Sons on credit £2,300.18 Returned faulty office furniture costing £120 to Dream Ltd.25 Sold some of the equipment for £200 cash.26 Paid amount owing to Dream Ltd £1,780 by cheque.28 Took £130 out of the bank and added to cash.30 F Brown lent us £4,000 – giving us the money by cheque.Valerina is a restaurant owner in Burwood, VIC. The business prepaid the insurance premium a year in advance. At the time of payment, she thought of recording the prepayment of $14,000 as an asset on the business’ balance sheet. Required: (i) Using the definition of the term “asset” as stated in the Conceptual Framework, explain whether the advance payment of $14,000 can be considered an asset to Valerina. (ii) Explain if the advance payment of $14,000 meets the recognition criteria of an asset. (iii) Given your answers in part (i) and part (ii), state whether or not the prepayment can appear on the the business’ balance sheet.In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets B. Long-term investments C. Plant assets D. Intangible assets E. Current liabilities F. Long-term liabilities G. Equity 1. Long-term investment in stock 2. Depreciation expense—Building 3. Prepaid rent (2 months of rent) 4. Interest receivable 5. Taxes payable (due in 5 weeks) 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Owner, Capital 11. Unearned services revenue 12. Accumulated depreciation—Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land (used in operations) 18. Repairs expense 19. Office supplies 20. Current portion of long-term note payable