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Alexus [3.1K]
1 year ago
15

Pete jackson purchased office equipment costing $3,000 for his business and paid immediately. record this transaction in the acc

ounting equation by:_____.
Business
1 answer:
Hatshy [7]1 year ago
3 0

Pete Jackson purchased office equipment costing $3,000 for his business and paid immediately. record this transaction in the accounting equation by: decrease cash, increase equipment.

When using the accounting equation, recording the acquisition of kit for cash would come with a rise to the account and a decrease to the (Cash/Equipment/Supplies) account. What's the right definition of an asset? Business activities change the amounts within the accounting equation.

The purchase of an equipment would only result in a rise in an asset (Equipment) and a decrease in another asset (Cash) within the same amount which might result in the identical total amount of assets, liabilities and equity, and can not affect the fundamental accounting equation.

The formula is straightforward: A company's total assets are adequate to its liabilities plus its shareholders' equity. The accounting equation is also expressed as assets - liabilities = owner's equity.

learn more about Equipment: brainly.com/question/24194507

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Coachlight Inc. has a periodic inventory system. The company purchased 205 units of inventory at $9.50 per unit and 310 units at
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Answer:

Weighted average cost per unit = $10.10

Explanation:

We know,

Under weighted average unit cost, the cost for purchased inventory = Total inventory costs ÷ total inventory in units

Given,

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Total inventory costs = (205 units × $9.50) + (310 units × $10.50)

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Therefore,

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Therefore, the company will use this cost per unit to determine cost of goods sold and ending inventory.

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