FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Chapter 3, Problem 3.1E
1.
To determine
Accounting equation represents the relationship between assets, liabilities and shareholders’ equity. It is the foundation of double entry system and it helps to analyze the business transaction. Accounting equation displays the total assets are equal to the total liabilities and shareholders’ equities. Thus, the accounting equation is,
To describe: The effect of each transaction on assets, liabilities and
2.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
3.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
4.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
5.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
6.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
7.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
8.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
9.
To determine
To describe: The effect of each transaction on assets, liabilities and stockholders’ equity.
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Students have asked these similar questions
Which of the following is the amount of revenue reported on the income statement of a retail company?
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Cash sales and stockholders' investments.
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Debit and Credit Effects : Indicate the account that will be debited for each of the following transactions is the question:1. Issued common stock for cash2. Borrowed money from a bank3. Provided services on account4. Purchased inventory on account5. Collected cash from customers that owed a balance due
Current Attempt in Progress
Complete the below table indicating (a) whether each transaction increases (+), decreases (-), or has no effect on cash; (b) what other
account beside Cash is affected in the transaction; and (c) whether the transaction should be classified as an operating activity,
investing activity, financing activity, or noncash investing and financing activity. The first one has been done for you as an example.
A list of transactions is below:
arch
1.
2.
3.
4.
5
Provided services to a
customer.
Repaid a bank loan.
Paid interest on the
bank loan.
Purchased equipment.
Collected one of the
accountr.rocnivable
8:
(a)
Cash
+
>
>
>
Equipment
Bank loan payable
Sales
Interest expense
Service revenue
Common shares
Land/common shares
Dividends payable
Accounts receivable
Salaries expense
(c)
Classification
Operating activity
Rain to stop
Chapter 3 Solutions
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Prob. 3.9BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.11BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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