How would the accounting equation be affected if a

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23.How would the accounting equation be affected if a company obtains aloan for $100,000 from a bank?Assets increase $100,000; liabilitiesincrease $100,000; no effect on equity.24.The following information is reported for Manco Company for themonth of March. Salaries expense - $45,000; Utilities Expense - $6,500;Rent Expense - $10,000; Fees Earned - $83,000. Determine Net Income.$21,50025.A company purchases land for $45,000 cash. What is the effect on theaccounting equation?No effect on the accounting equation because
Test 1Chapters 1 and 2 Accountingassets increase and decrease by the same amount.26.A company pays $3,400 for the current month utilities expenses. Whatis the effect on the accounting equation?Assets decrease $3,400; noeffect on liabilities; equity decreases $3,400.27.What could be the description for a debit to cash for $9,500.Selling oldequipment no longer needed for $9,500.28.If Cash is debited for $200 on 01/02/2012, credited for $75 on 01/15/2012and debited for $400 on 01/30/2012, what is the ending balance in cashas it would appear in the Balance Sheet as of 01/31/2012? Assume thereis no beginning balance in the cash account as of 01/01/2012.$52529.Mendel Co. paid $8,000 cash for land. Which of the following is thecorrect journal entry to record this transaction?Debit land $8,000;credit cash $8,000.30.Sues Bookstore paid $2,200 for supplies. Which of the following willoccur?No effect on the accounting equation.31.If a company receives an initial investment from an owner to start abusiness, which of the following correctly describes the effect on theaccounting equation?

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Term
Spring
Professor
Logorda
Tags
Accounting, Balance Sheet, Generally Accepted Accounting Principles

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