ch1 hw answers - CHAPTER 1 HOMEWORK Multiple Choice(Page 26...

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CHAPTER 1 HOMEWORK: Multiple Choice (Page 26): 1 . c 2. b 3. c 4. c 5. b 6. b 7. d 8. d 9. b 10. a E1-5A Tell whether or not each of the following transactions of Joe’s Auto Repair will be reflected on the income statement. For each that does affect income, tell whether it increases or decreases net income. a. Decreases net income b. No effect on net income c. Increases net income d. No effect on net income e. No effect on net income E1-6A Which of the following transactions will affect assets, liabilities, or both. For each item that does affect these balance sheets account tell whether it is an increase or decrease. a. Decreases assets (Cash); decreases liabilities (Loan Payable) b. Increases assets (Cash)
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c. Increases assets (Cash) d. Decreases assets (Cash) E1-9A For each of the following transactions of Front End Fashions, Inc., determine if there is an increase, decrease, or no effect on the assets. a.
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This note was uploaded on 04/30/2008 for the course AIM 2301 taught by Professor Muslu during the Spring '08 term at University of Texas at Dallas, Richardson.

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ch1 hw answers - CHAPTER 1 HOMEWORK Multiple Choice(Page 26...

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