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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Case 2-66 Research and Analysis Using the Annual Report

Obtain General Electric’s 2016 annual report either through the “Investor Relations" portion of its website (do a web search for GE investor relations] or go to www.sec.gov and click “Company Filings Search” under “Filings.”

Required:

3. Identify the additional account that is most likely involved when:

a. Accounts Payable is decreased.

b. Accounts Receivables is increased.

c. Common Stock is increased.

d. Wages Payable is increased.

To determine

Introduction:

Due to dual aspect concept of accounting, all the transactions must influence two or more accounts at the same time. The ultimate result of the dual aspect concept is that the debit and credit side balance at the end of every accounting period. Hence, the total assets and the liabilities and equity are equal.

Identify the additional account that is most likely involved.

Explanation

a. The decrease of accounts payable means the creditors are paid off which results in decrease of cash account.

b. When accounts receivable increases, the sales or service revenue increases because of increase in credit sales or service performed on credit...

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