Entry Entry Account Name of Increase or Account Name of Increase or Type Account Amount Decrease Type Account Amount Decrease (1) (2) (3) (4) (1) (2) (3) (4) 1 2 3 4 5 6 ANSWER: Account Account Name of Name of Increase or Increase or Type Type Account Amount Decrease Decrease (1) (2) (1) (2) (3) (4) (3) (4) 1 A Cash Increase OE Capital Increase 55,000 55,000 A Cash Decrease L Accounts Decrease 7,000 7,000 2 Payable A Accounts Increase R Fees Increase 2,565 2,565 3 Receivable Earned A Cash Increase A Accounts Decrease 8,450 8,450 4 Receivable 5 A Cash Decrease OE Drawing Increase 2,500 2,500 L Accounts Increase E Utilities Increase 160 160 6 Payable Expense Challenging DIFFICULTY: Bloom's: Comprehension ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for its customers. How will this business transaction affect the accounting equation? Increase Assets (Supplies) and increase Liabilities (Accounts Payable) ANSWER: Moderate DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below.
Entry Entry Account Type Name of Account Amount Increase or Decrease Account Type Name of Account Amount Increase or Decrease (1) (2) (3) (4) (1) (2) (3) (4) 1 2 3 4 5 6 ANSWER: Account Type Name of Amount Increase or Decrease Account Type Name of Account Increase or Decrease (1) (2) (3) (4) (1) (2) (3) (4) 1 A Cash 55,000 Increase OE Capital 55,000 Increase 2 A Cash 7,000 Decrease L Accounts Payable 7,000 Decrease 3 A Accounts Receivable 2,565 Increase R Fees Earned 2,565 Increase 4 A Cash 8,450 Increase A Accounts Receivable 8,450 Decrease 5 A Cash 2,500 Decrease OE Drawing 2,500 Increase 6 L Accounts Payable 160 Increase E Utilities Expense 160 Increase DIFFICULTY: Challenging Bloom's: Comprehension LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for its customers. How will this business transaction affect the accounting equation? ANSWER: Increase Assets (Supplies) and increase Liabilities (Accounts Payable) DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below.
Accouting-26th-Edition-Test-Bank.docx