Ask questions and get helpful responses.
Ask a New Question
  1. Questions

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. 👁
  4. ℹ️
  5. 🚩
Laura

Respond to this Question

First Name

Your Response

Similar Questions

  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. Biology

    4. Scientists are concerned about bee species dying off. They are pollinators, and if they are gone, many plant species will die off because they cannot reproduce. This will cause a population crash. What will happen to

  3. chemistry

    N2O4(g) + energy ⇄ 2NO2(g) The system is at equilibrium, but then it is subjected to an increase in pressure. Which change will happen? The rate of the reverse reaction will increase, which will increase the number of particles

  4. 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

  1. 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

  2. math

    Brian has been making octagonal wooden puzzles. He wants to make some hexagonal puzzles next. By how much does he needs to increase or decrease the angle measure on his template to make the hexagonal puzzles? A. increase by 15

  3. CHM

    As the number of solute particles in a given volume of solution increase will: freezing point increase, vapor press decrease? or vice versa or boiling point increase, vapor pressure decrease? or vice versa?

  4. 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.

  1. Economics

    If the demand for loanable funds increases, what will happen to real interest rates and the international value of the U.S. dollar (USD)? Real Interest Rates / International Value of USD Increase / Increase*** Increase / Decrease

  2. Chemistry

    refer to the reaction 2NH3 (g) ↔ N2 (g) + 3H2 (g), and ΔH = 92.2 kJ. 1.What will be the effect on the concentration of H2 if the temperature decreases? A. H2 concentration will decrease. B. H2 concentration will not change. C.

  3. Math - Statistics

    The increase or decrease in the price of a stock between the beginning and the end of a trading day is assumed to be an equally likely random event. What is the probability that a stock will show a decrease in its closing price on

  4. Math accounting

    The following selected transactions were completed by Pilgrim Delivery Service during July: 1. Received cash from issuing capital stock, $115,000 2. received cash for providing delivery service, $58,000 3. Paid advertising

Still need help? You can ask a new question.