Business/Accounting Question

You are to state what will increase and/or decrease in each of the transactions described below. 1) Mythical Services sold $500 of legal services on account. 2) Mythical collected the $500 from transaction nmuber 1 above 3) Mythical purchased office furniture on account in the amount of $4,000. 4) Mythical paid the $4,000 in transaction numner 3.


Sales 500
Account recievable 500
(to record the sale of services on credit)

Cash 500
Account recievable 500
(to record the reciept of cash)

Office furniture 4000
Account Payable 4000
(to record the purchase of Office furniture on credit)

Account Payable 4000
Cash 4000
(to record the payment of liability)

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. Social studies

    1. What event would most likely cause an increase in sales A. Decrease in price B. Increase in supply C. Decrease in product quality D. Increase in quality product Answer: A 2. What is stated by the law of supply A. An increase in

  2. Science

    A continental polar air mass moves into an area. Based on the characteristics of this type of air mass, which changes are most likely to happen ? A. The temperature will decrease and humidity will increase B. The temperature will

  3. Chemistry

    Sort each of the following events based on whether the solubility of the indicated gas will increase, decrease, or stay the same. Each phrase specifies the gas involved and the change in its environment. 1. The temperature is

  4. accounting

    Identify whether a debit or credit yields the indicated change for each of the following accounts: a. To increase Store Equipment f. To decrease Unearned Revenue b. To increase Owner Withdrawals g. To decrease Prepaid Insurance c.

  1. Chemistry

    What will happen to the number of moles of SO3 in equilibrium with SO2 and O2 in the following reaction in each of the following cases? 2 SO3(g) equilibrium reaction arrow 2 SO2(g) + O2(g) ΔH° = 197 kJ (a) Oxygen gas is removed.

  2. Chemistry

    Given the equilibrium reaction N2(g) + 3 H2(g) 2NH3(g) + heat, an increase in temperature will: a) Increase the value of K b) Decrease the value of K c) Increase or decrease the value of K depending upon the concentration of

  3. Math

    in 200, the population at Arlington Middle School was approximately 421 students. In 2010, the population was approximately 584 students. Find the percent of change in the population at Arlington Middle School from 2000-2010 and

  4. Math

    Here is the question:Consider a data set of 15 distinct measurements with mean A and median B. (a) If the highest number were increased, what would be the effect on the median and mean? Explain. The mean would remain the same

  1. chemistry- can you check my answers?

    can you please check my answers?? 9. For the following reaction delta H=2816 kj. 6 CO2(g) + 6 H2O(l) -> C6H12O6(s) + 6O2(g) how is the equilibrium yeild of C6H12O6(s)affected by each of the following? a) increasing pressure of CO2

  2. social studies

    What is stated by the law of supply? A. An increase in price will cause a reduced amount of sales. B. An increase in quantity sold will allow a decrease in price C. An increase in quantity produced will decrease consumer demand.

  3. Microeconomics

    4. Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and that potatoes are a consumer substitute for bread, we would expect the price of wheat to:

  4. Accounting

    Please describe how the following transactions affects the accounting equation: Provide service for cash Increase, decrease of no change from the following accounts Assets, Liability and Owners Equity

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