Venus Inc. paid $5,000 on accounts payable. How does this transaction affect the accounting equation of Venus
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Venus Inc. paid $5,000 on accounts payable. How does this transaction affect the
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- On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?Frankel, Inc. paid $220,000 on accounts payable. How does this transaction affect the accounting equation?
- ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the accounting equation?Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?A company received $2,000 in advance from a customer for services to be provided in the future. How would this transaction affect the company's cash account, liability account, and revenue account?
- Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?Atkins Company collected $1,750 as payment for the amount owed by a customer from services provided the prior month on credit. How does this transaction affect the accounting equation for Atkins?The ending balance of a business' accounts payable is $100,000 and the total debits and credits to that account during the period were $54,000 and $40,000 respectively. How much is the beginning balance of the accounts payable?
- during october, a sari-sari store had the following transactions involving revenue and expenses: *paid php1200 for rent *provided services for php2750 in cash *paid php250 for telephone service *provided services for php1900 on credit *paid salaries of php1675 to employees *paid php350 for office cleaning service* did the firm earn a net income or incur a net loss for the period? what was the amount?The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?At the beginning of the period, a business has accounts payable of ₱200,000. During the period, the total debits and credits to the accounts payable account were ₱100,000 and ₱70,000, respectively. How much is the ending balance of accounts payable?A. 230,000B. 170,000C. 370,000D. 30,000
