accounting I

The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations.

a. The transaction would increase an asset account and increase a liability account.

b. The transaction would decrease an asset account and decrease the owner’s equity account.

c. The transaction would increase an asset account and increase owner’s equity account.

d. The transaction would decrease an asset account and decrease a liability account.

e. The transaction would increase one asset account and decrease another asset account.

f. The transaction would decrease one liability account and increase another liability account.

  1. 👍
  2. 👎
  3. 👁
  1. The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations.

    a. The transaction would increase an asset account and increase a liability account.

    b. The transaction would decrease an asset account and decrease the owner’s equity account.

    c. The transaction would increase an asset account and increase owner’s equity account.

    d. The transaction would decrease an asset account and decrease a liability account.

    e. The transaction would increase one asset account and decrease another asset account.

    f. The transaction would decrease one liability account and increase another liability account.

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Business

    1. Legal requirements, suppliers and distributors, competitors, and market profiles are contained in the ( ) element of your business plan. A. introduction B. business information C. industry D. operating plant D? 2. Rachel plans

  2. Finance

    Abe is an entrepreneur who likes to be actively involved in his business ventures. He is going to invest $500,000 in a business that he projects will produce a tax loss of approximately $100,000 per year in the short run. However,

  3. English

    When Scrooge tells Marley that Marley was always “a good man of business,” in Act 1, Scene 3 of A Christmas Carol: Scrooge and Marley, Marley responds, “BUSINESS!!! Mankind was my business. The common welfare was my

  4. marketing

    1. You are the marketing manager for HP laptop computers. Identify and briefly discuss the differences between the consumer market for laptops and the business market. Then give an example of each difference using college students

  1. Economics

    Jim left his previous job as a sales manager and started his own sales consulting business. He previously earned $70,000 per year, but he now pays himself $25,000 per year while he is building the new business. What is the

  2. BUSINESS

    1. One of the main disadvantages of buying a franchise is that you may end up A. choosing a poor location. B. hiring a large staff. C. paying too much for operating costs. D. feeling like an employee. D? 2. After you open your new

  3. Math/Finance

    Jose started a small business and wants to determine when the business will become profitable. His operating costs can be expressed as y=$10,000+$3,000x, where x is the number of months he stays in business. His sales revenues can

  4. ecomerce business

    You want to bring up concerns about security with your brother. Joseph asks you, "If the Internet is inherently not secure, then why are so many business, government, and military transactions being processed online?" Your brother

  1. Accounting

    Please check my answer and let me know how I can improve it thanks so much for your help. 1. Explain what accounting is, and why is it important to a business. Accounting is a measurement tool that identifies records. A recording

  2. Business

    Consider the wide spectrum of business organizations, ranging from gigantic corporations to working at home. Describe at least three types of business organizations that you are familiar with or that you would like to know more

  3. accounting

    Write a 700- to 1,050-word paper, using APA guidelines, based on the scenario below. You want to start your own business. You found an investment group that is willing to give you the capital needed for the first year of your

  4. Business Class

    In our business class, we have to come up with a business and make it different from other competitor. My business is desktop publishing ( Creating brochures , advertisement, newspaper, and business card) and I can't think of way

You can view more similar questions or ask a new question.