Vista Realty paid a creditor $1,600 in payment of an amount owed. Indicate the effect of this transaction on the accounting equation.
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Vista Realty paid a creditor $1,600 in payment of an amount owed. Indicate the effect of this transaction on the
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- Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in assets and in which the owner has 34,500 equity. b. The equity of the owner of a tour bus that cost 57,000 and on which is owed 21,800 on an installment loan payable to the bank. c. The amount of the assets of a business that has 11,780 in liabilities and in which the owner has 28,500 equity.Frankel, Inc. paid $220,000 on accounts payable. How does this transaction affect the accounting equation?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?
- Venus Inc. paid $5,000 on accounts payable. How does this transaction affect the accounting equation of Venus?A firm records all transactions relating to the expense for both rent and rates in a single ledger account. At the start of the year there was an accrual in respect of rent R2 500 and a prepayment in respect of rates of R3 000. At the end of the year, there was rent due to R4 500 and rates prepaid of R3 500. The total expense for both rent and rates for the year was R36 000. Both the total amount paid during the year, in respect of both rent and rates, was:Choose the correct answer Which of the following accounts is increased by a credit?A. CashB. Accounts receivableC. Accounts payableD. Owner’s drawings At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account? A. 230,000B. 210,000C. 350,000D. 90,000
- 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?A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to a.decrease an asset, decrease a liability b.increase an asset, increase owner's equity c.increase an asset, decrease another asset d.increase an asset, increase a liabilityAssuming the entity received a cash worth of 50,000, this 50,000 is from the customer who advances payment for the service to be render next month. The proper credit for this transaction is: a.) Accounts Payable b.) Unearned Revenue c.) Owner’s Equity d.) Service Revenue
- Assuming the entity received a cash worth of 80,000, this 80,000 is from the customer who advances payment for the service to be render next month. The proper credit for this transaction is: a. Service Revenue b. Accounts Payable c. Owner’s Equity d. Unearned RevenueGiven the following account balances, prepare an unadjusted trial balance for Bakeshop Corp. as of December 31, 20Y5. • Income Taxes Payable, credit balance $1,200 • Sales Revenue, credit balance $8,750 • PP&E, debit balance $7,500 • Cost of Sales, debit balance $5,500 • Accounts Payable, credit balance $1,240 • Interest Revenue, credit balance $1,500 • Cash, debit balance $2,000 • Rental Expense, debit balance $3,550 • Kim Akinson, Capital, credit balance $2,460 • Long-Term Debt, credit balance $7,400 • Accounts Receivable, debit balance $1,500 • Salaries Expense, debit balance $1,200 • Inventory, debit balance $1,300Alicia Tax Services paid $500 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction? a. Debit Office supplies, $500; credit Accounts payable, $500. b. Debit Cash, $500; credit Office supplies, $500. c. Debit Accounts payable, $500; credit Cash, $500. d. Debit Office supplies expense, $500; credit Cash, $500.