Correct increase assets increase owners equity

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Correct!Increase assets, increase owner's equityDecrease assets, decrease owner's equityNo effectIncrease assets, increase liabilities
Increase liabilities, decrease owner's equityQuestion 340 / 2 ptsPaid cash for the purchase of a one-year insurance policy. Match transaction with itseffect on the accounting equation.Increase liabilities, decrease owner's equityYou AnsweredDecrease assets, decrease owner's equityIncrease assets, increase owner's equityIncrease assets, increase liabilitiesCorrect AnswerNo effectQuestion 352 / 2 ptsCash withdrawal by owner. Match transaction with its effect on the accounting equation.Correct!Decrease assets, decrease owner's equityIncrease assets, increase owner's equityNo effectIncrease liabilities, decrease owner's equity
Question 362 / 2 ptsReceived cash for providing services to customers. Match transaction with its effect onthe accounting equation.Correct!
Question 370 / 2 ptsPurchased equipment for cash. Match transaction with its effect on the accountingequation.Correct AnswerNo effectYou AnsweredDecrease assets, decrease owner's equityIncrease assets, increase owner's equityIncrease liabilities, decrease owner's equity
Question 382 / 2 ptsUse the adjusted trial balance for Stockton Company. Determine the net income (loss)for the period.Net loss is $5,670.Correct!Net income is $3,580.Net income is $9,250.Net loss is $790.
Question 392 / 2 ptsUse the adjusted trial balance for Stockton Company. Determine the total liabilities forthe period.
Correct!$6,200Question 402 / 2 ptsUse the adjusted trial balance for Stockton Company. Determine the total assets.
Question 412 / 2 ptsThe inventory data for an item for November are:Using a perpetual system, what is the cost of merchandise sold for November if thecompany uses LIFO?
$590$580Question 422 / 2 ptsThe inventory data for an item for November are:Using a perpetual system, what is the cost of merchandise sold for November if thecompany uses FIFO?$600Correct!$580$610$590
Question 432 / 2 ptsAddison, Inc. uses a perpetual inventory system. The following is information about oneinventory item for the month of September:If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is$650$750
Question 442 / 2 ptsBoxwood Company sells blankets for $60 each. The following was taken from theinventory records during May. The company had no beginning inventory on May 1.Assuming that the company uses the perpetual inventory system, determine the cost ofmerchandise sold for the sale of May 10 using the LIFO inventory cost method.

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Term
Spring
Professor
Logorda
Tags
Accounting, Balance Sheet, Generally Accepted Accounting Principles, Debit Cash, credit Owner

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