You are watching: Which of the following is a business transaction?
A record of every the alters in a certain asset throughout a duration of time is discovered in a(n): former period"s balance sheet. Trial balance. account. transaction.
Which account includes balances in multiple checking accounts? accounts Receivable Cash Prepaid expenses notes Receivable
Which that the following is a correct statement? A partnership has a different owner"s equity account because that each partner. Shareholders" same is likewise called ownership equity. Retained income is the owner"s investment in the corporation. A proprietorship has an ext than one resources account.
Which transaction increases stockholders" equity? dividends that space declared and also paid payment the operating prices sale of typical stock prices greater than revenues for the period
As a practical matter many companies prepare financial statements: in ~ the finish of the accounting period. after every transaction. at the close of every business day. only as soon as both the balance sheet and income statement room affected.
When services are performed on account: revenue will not be tape-recorded until the cash is got from the customer. Cash is increased. account receivable is increased. accounts payable is increased.
When a organization purchases land with a keep in mind payable: both assets and stockholders" equity space increased. Both assets and liabilities room increased. assets are decreased and also stockholder"s same is increased. Assets space increased and liabilities space decreased.
Lori Nichols began an engineering firm, design Enterprises P.C. Throughout its first month that operations, the complying with transactions were completed:I. Lori invested $35,000 in the business, which consequently issued typical stock come her.II. The service purchased tools on account because that $10,000.III. The business listed engineering solutions on account, $13,000.IV. The business paid salaries to the receptionist, $4000.V. The company received cash native a customer as payment on account $11,000.VI. The business obtained $13,000 native the bank, issuing a keep in mind payable.At the finish of the month, cash equals: $86,000. $55,000. $44,000. $35,000.
$55,000. Invest $35,000 - earnings Paid $4000 + Customer repertoire $11,000 + Cash indigenous Loan $13,000 = $55,000
Linda Keller opened a consulting firm, Keller Consulting P.C. Throughout its very first month of operations, the adhering to transactions to be completed:I. Linda invested $30,000 in the business, which subsequently issued common stock come her.II. The service purchased equipment on account for $63,000.III. The business listed consulting services on account, $12,000.IV. The company paid wages to the receptionist, $2,000.V. The service received cash indigenous a customer together payment top top account $6,000.VI. The business borrowed $13,000 from the bank, issuing a keep in mind payable.At the finish of the month, full liabilities are: $63,000. $76,000. $75,000. $13,000.
A firm completed the following transactions during the month of October:I. To buy office offers on account, $5600.II. Noted services because that cash, $22,000.III. Noted services on account, $36,000.IV. Gathered cash indigenous a customer on account, $27,000.V. Payment the monthly rental of $3800.What was the company"s complete revenue for the month? $85,000 $22,000 $58,000 $36,000
A agency completed the following transactions during the month of October:I. Purchased office provides on account, $4800.II. Noted services because that cash, $22,000.III. Detailed services ~ above account, $12,000.IV. Accumulated cash indigenous a customer on account, $7400.V. Payment the monthly rent of $18,000.What to be the company"s net earnings for the month? $12,000 $52,000 $16,000 $34,000
A company declared and paid dividend of $1800. Exactly how does this transaction impact the audit equation? add $1800 to dividends and add $1800 to accounts Receivable. Subtract $1800 from preserved Earnings and also subtract $1800 indigenous Cash. Add $1800 to Revenue and add $1800 come Cash. add $1800 come Dividend Expense and subtract $1800 native Cash.
The left next of a T-account is constantly the: to decrease side. boost side. credit transaction side. debit side.
Which the the adhering to statements, regarding the rule of debits and credits, is CORRECT? A liability is raised by a debit. Revenue is boosted by a credit. dividends are decreased by debits. An asset is boosted by a credit.
Which accounts are boosted by debits? incomes Expense and also Common Stock. accounts Receivable and also Utilities Expense. accounts Payable and also Service Revenue. Cash and Accounts Payable.
Accounting transactions are initially recorded in the: journal. T-account. jae won statements. ledger.
The procedure of copying the details from the journal to the psychological balance is: no undertaken. provided to prepare the financial statements. called journalizing. dubbed posting.
In order to view a finish transaction in one place, friend would should look in ~ the: ledger. jae won statements. trial balance. journal.
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Andy company had a cash balance on might 1 the $29,000. In ~ the finish of May, the cash balance has decreased to $30,000. Throughout the month that May, Andy got cash that $47,000 from assorted sources. Based on this information, cash payments for the month of may were: $76,000. $46,000. $30,000. $29,000.