An accrual of wages expense would have what effect on the balance sheet? Select one: O O O O A. Decrease liabilities and increase equity B. Increase assets and increase liabilities C. Increase liabilities and decrease equity D. Decrease assets and decrease liabilities E. None of the above
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- Indicate what impact ( for increase; for decrease) the following transactions would have on the accounting equation, . Table 3.17What is the impact on the accounting equation when a current months utility expense is paid? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhat is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
- Are paid salaries an increase, decrease or no effect on asset, liability and equityIf current assets exceed current liabilities, payments of accounts payable willa. decrease the current ratio.b. increase the current ratio.c. decrease working capital.d. increase working capital.When prepaid rent is recognized as an expense, which of the following is true? Select one: a. Prepaid rent decrease, rent expense on the income statement increases and equity decreases b. Cash decreases and equity decreases c. Prepaid rent decrease, rent expense on the balance sheet increases and equity decreases d. Prepaid rent decrease, rent expense on the income statement increases and equity increases
- What will increase the following account items – Debit or Credit? Fill in the blanks. Assets _____________ Equity _____________ Losses _____________ What will decrease these account items – Debit or Credit? Fill in the blanks. Liabilities __________ Expenses __________ Gains _____________ What is the normal balance for these account items – Debit or Credit? Fill in the blanks. Revenue __________ Losses____________ Assets ____________Which of the following accounting procedures are INCORRECT? I) Asset An increases, Debit & A decrease, Credit II) Capital - Arn increases, Debit & A decrease, Credit II) Expenses - An increases, Debit & A decrease, Credit IV) Income An increases, Debit & A decrease, Credit V) Liabilities An increases, Credit & A decrease, Debit I and V only Il and IV only I,Il and III only I,IIl and V onlyThe effects of paying salaries for the current period are to:a. increase assets and increase stock- holders' equity.b. increase assets and increase liabilities.c. decrease assets and decrease liabilities.d. decrease assets and decrease stock- holders' equity.
- An adjusting journal entry to recognize accrued salariespayable would cause which of the following?a. A decrease in assets and stockholders’ equity.b. A decrease in assets and liabilities.c. An increase in expenses, liabilities, and stockholders’equity.d. An increase in expenses and liabilities and a decreasein stockholders’ equity.When the payment is made to creditors, it would result in which among the following? a. decrease receivables b. increase expenses c. increase equity d. decrease liabilitiesWhich of the following accounting procedures are INCORRECT? I) Asset An increases, Debit & A decrease, Credit II) Capital - An increases, Debit & A decrease, Credit III) Expenses - An increases, Debit & A decrease, Credit V) Income - An increases, Debit & A decrease, Credit V) Liabilities - An increases, Credit & A decrease, Debit l and V only Il and IV only I,II and IIl only I,IIl and V only