Best writers. Best papers. Let professionals take care of your academic papers

Order a similar paper and get 15% discount on your first order with us
Use the following coupon "FIRST15"
ORDER NOW

Accounting Questions And Balance Sheets

/in /by

Effect of Transactions on Accounting Equation

a.  A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity? If there is no change, select ‘No change’ from the dropdown and then enter a “0” in the amount box.

EffectAmount1.  Total assetsIncreased $2.  Total liabilities $3.  Owner’s equity $

b.  Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity? If there is no change, select ‘No change’ from the dropdown and then enter a “0” in the amount box.

EffectAmount1.  Total assets $2.  Total liabilities $3.  Owner’s equity $

c.  Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner’s Equity) of the accounting equation?

 

“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

Accounting Questions And Balance Sheets was first posted on September 8, 2019 at 8:22 am.
©2019 "Expert Homeworks". Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at admin@experthomeworks.com

 

“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

The post Accounting Questions And Balance Sheets appeared first on Save My Degree – SMD

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"