GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
4th Edition
ISBN: 9781260087376
Author: M. David Haddock Jr. Professor
Publisher: McGraw-Hill Education
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Chapter 2, Problem 1.4SRE
To determine
Identify the correct option by analyzing the business transaction by indicating their effects on
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Students have asked these similar questions
The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000
additional contribution during the year. Based on the Statement of Comprehensive Income.
net income for the year was P355,000. How much money did the owner withdrew from the
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Accounts Receivable
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Accumulated Depreciation
Cash
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Mortgage Payable
57,000
65,000 Notes Payable
37,000 Notes Receivable
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110,000 Owner, Capital
91,000 Prepaid Expenses
89,000 Property, Plant and Equipment
143,000 Unearned Revenue
400,000
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An entity began October with office supplies of P16,500. During the month, the entity
purchased supplies of P27,100. On October 30, supplies on hand totaled P21,200. How
much should be recorded as supplies expense for the month?
When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation?
a. Total assets increase $161,000
b. Total liabilities increase $161,000
c. Total liabilities decrease $80,500
d. Total assets increase $80,500
Write TRUE f the analysis for each transaction is correct and FALSE if it is not.
The owner purchased furniture for Php5,500 on account
Analysis:
Increase in Asset: Furniture and Fixture Php 5,500
Decrease in Asset: Accounts Receivable Php 5,500
The business bought a lot for Php50,000 paying cash of Php20,000 with the balance covered by a promissory note
Analysis:
Increase in Asset: Land Php50,000
Decrease in Asset: Cash Php20,000
Increase in Liability: Notes Payable Php30,000
Chapter 2 Solutions
GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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