it borders financial information in the accountancy device to data straight pertained to the tasks of the company.
You are watching: Which of the following statements is false regarding t accounts?
Equipment with a sales price of $100,000 is purchased at a discount of 10% by Aaron Company kind of. At what value have to the devices be taped in Aaron Company"s records?
Which of the adhering to principles requires that economic information be videotaped in dollars in the United States?
Clayton Company type of purchased a brand-new welder for $3,500. Clayton phelp $1,000 cash dvery own and also will certainly pay the remainder in 60 days. What result does this transaction have on the accounting equation?
Marvin Company type of negotiated the purchase of a new structure for $250,000. Marvin paid a $100,000 cash dvery own payment and will pay off the remainder over salso years. What result does this transactivity have on the accounting equation?
Cool Taste Company kind of videotaped $5,000 in sales on account for the week. What result does this transaction have actually on the accountancy equation?
Clayton Company purchased a brand-new welder for $3,500. Clayton paid $1,000 cash down and will pay the remainder in 60 days. What effect does this transactivity have on the audit equation?
The adhering to data were taken from Reynolds Company"s balance sheet: Dec. 31, 20Y7Dec. 31, 20Y6Total liabilities$240,000$210,000Total owner"s equity$160,000$150,000Which of the complying with ideal explains the change in creditors" risk from 20Y6 to 20Y7?
Which of the adhering to statements is FALSE regarding T accounts?a. The excess of the credits of an owner"s equity account over the debits is the balance of the account.b. A T account is not the very same point as the general ledger.c. The excess of the credits of an ascollection account over the debits is the balance of the account.d. The excess of the credits of a liability account over the debits is the balance of the account.
Claremore Company kind of got $7,000 cash as payment from Tulsa Company kind of for a sale made on account in the previous month. Which of the complying with journal entries should the agency record?
A fee earned on account was journalized and posted in error as a debit to Fees Earned and a credit to Accounts Receivable. The correcting journal enattempt would certainly include
Which of the adhering to is not an error that would certainly reason the trial balance to end up being unequal?a. Balance gone into in wrong column of accountb. Debit is posted as a crmodify, or vice versac. Column wrongly addedd. The delittle component of an enattempt posted to the wrong account as a debit
If a fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and also credited to Fees Earned for $2,850, which of the complying with statements would certainly be true?a. The crmodify total of the trial balance would be higher by $270.b. The wrong account is attributed.c. The trial balance totals would certainly be equal.d. The delittle bit full of the trial balance would be greater by $270.
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