College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
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.
Give the business transaction for the effect of given transactions.
Transaction: The economic events which bring about any changes in the financial items of a business and can be measured in the monetary units is referred to as a transaction.
Give the business transaction for the effect of given transactions.
a.
Effect of accounting equation: Rent expense increased, Cash decreased.
Business transaction: Cash of $1,050 paid for rent expense.
b.
Effect of accounting equation: Advertising expense increased, Accounts Payable decreased.
Business transaction: Advertising expense of $835 is billed but payment is due.
c.
Effect of accounting equation: Accounts Receivable increased, Service Income increased.
Business transaction: Service Income of $372 earned on account...
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