If total liabilities decreased by $22,842 during a period of time and owner's equity increased by $33,878 during the same period, the amount and direction (increase or decrease) of the period's change in total assets would be a a.$11,036 decrease b.$11,036 increase c.$22,842 increase d.$22,842 decrease

If total liabilities decreased by $22,842 during a period of time and owner's equity increased by $33,878 during the same period, the amount and direction (increase or decrease) of the period's change in total assets would be a a.$11,036 decrease b.$11,036 increase c.$22,842 increase d.$22,842 decrease

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 7E: Describe a transaction that resulted in the following changes in accounts: a. Rent Expense is...

See similar textbooks

Similar questions

Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. Payment of principal balance of note payable B. Purchase of supplies for cash C. Payment of dividends to stockholders D. Issuance of stock for cash E. Billing customer for physician services provided
Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. sale of merchandise to customer on account B. payment on note payable C. purchase of equipment for cash D. collection of accounts receivable E. purchase of supplies on account
For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid insurance B. increase in utilities expense C. increase in commissions earned D. increase in supplies E. decrease in retained earnings F. decrease in income taxes payable G. increase in unearned revenue H. increase in salaries expense I. decrease in notes receivable J. increase in common stock
Describe a transaction that resulted in the following changes in accounts: a. Rent Expense is increased by 1,050, and Cash is decreased by 1,050. b. Advertising Expense is increased by 835, and Accounts Payable is increased by 835. c. Accounts Receivable is increased by 372, and Service Income is increased by 372. d. Cash is decreased by 410, and C. Tryon, Drawing, is increased by 410. e. Equipment is increased by 1,850, Cash is decreased by 850, and Accounts Payable is increased by 1,000. f. Cash is increased by 1,650, and Accounts Receivable is decreased by 1,650.
If total liabilities decreased by $22,842 during a period of time and owner's equity increased by $33,878 during the same period, the amount and direction (increase or decrease) of the period's change in total assets would be aa.$11,036 decreaseb.$11,036 increasec.$22,842 increased.$22,842 decrease
If total liabilities decreased by $24,172 during a period of time and owner's equity increased by $31,776 during the same period, the amount and direction (increase or decrease) of the period's change in total assets would be a Oa. $7,604 decrease Ob. $24,172 increase Oc. $24,172 decrease Od. $7.604 increase
If total assets decreased by $49,690 during a period of time and stockholders' equity increased by $29,221 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is a.$78,911 increase b.$23,656 increase c.$49,690 decrease d.$78,911 decrease
; If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is
If total liabilities decreased by $28,969 during a period of time and stockholders' equity increased by $31,816 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is a a. $28,969 increase b. $2,847 decrease c. $28,969 decrease d. $2,847 increase
If total liabilities decreased by $15,000 and owner’s equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period? Select one: a. $10,000 decrease b. $15,000 decrease c. $10,000 increase d. $20,000 increase
If total assets increased by P175,000 during a specific period and liabilities decreased by P10,000 during the same period, the period's change in total owner's equity was Put a parenthesis if it is a decrease*