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ohaa [14]
3 years ago
10

Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include which of the

following?
a. Cash and capital increase of $12,000
b. Cash and revenue increase of $12,000
c. Cash increase and accounts receivable decrease of $12,000
d. Accounts receivable decrease and capital increase of $12,000
Business
1 answer:
Alja [10]3 years ago
5 0
The expanded accounting equation would include the following.

C.) Cash Increase and Accounts Receivable decrease of 12,000.

Initial journal entry would be:

debit: Accounts Receivable 12,000
           Credit:    Sales                        12,000

Collection of 12,000

debit: Cash                          12,000
            Credit: Accounts Receivable  12,000

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24. ABC Corp. has a deferred tax asset account with a balance of $75,000 at the end of 2019 due to a single cumulative temporary
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Answer:

The journal entries to prepare would be as follows:

                                       Debit              Credit

Deferred tax asset    $5,000

Income tax expense $159,000

           Income tax payable                 $164,000

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                                       Debit              Credit

Deferred tax asset    $5,000

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Income tax expense $25,000

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