Chapter 7 - Chapter7ResponsePadQuestions 1 We receive a...

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Chapter 7 Response Pad Questions 1 We receive a check for $65 from a customer to pay for their purchase last week of 25 bags of chocolate covered peanuts. How does this accounting event affect the accounting equation? A Increase cash $65 and decrease accounts receivable $65 B Increase cash $65 and increase accounts receivable $65 C Increase cash $65 and increase revenue $65 2 How do we convert "increase cash and decrease accounts receivable" to debit/credit language? A debit cash $65 and debit accounts receivable $65 B debit cash $65 and credit accounts receivable $65 C credit cash $65 and debit accounts receivable $65 3 Our salesperson has worked 40 hours this week and is therefore owed $400. How does this accounting event affect the accounting equation? (Assume there are no payroll withholdings.) A increase wage expense $400 and increase wages payable $400 B increase wage expense $400 and decrease cash $400 C increase wages payable and increase cost of goods sold $400 4 How do we convert "increase wage expense and increase wages payable" to debit/credit
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Chapter 7 - Chapter7ResponsePadQuestions 1 We receive a...

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