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notsponge [240]
3 years ago
12

Accord Company purchased land for​ $100,000 by making a cash payment of​ $30,000 and promising to pay the remaining amount in a

later accounting period. What is the net effect of this transaction on​ Accord's accounting​ equation?
Business
1 answer:
Volgvan3 years ago
7 0

Answer:

Assets and liabilities both will increase by $70,000.

Explanation:

Given data provided

Purchase land = $100,000

Cash payment = $30,000

The computation of net effect is shown below:-

= Purchase land - Cash payment

= $100,000 - $30,000

= $70,000

Therefore, for computing the net effect we simply deduct cash payment from purchase land. So, Assets and liabilities both will increase by $70,000.

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Answer:

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Katherine's personal expertise is required to write the chapter and Dana does not necessarily possess the same expertise or skills as Katherine does.

4 0
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Which of the following comes closest to the value at the end of year 6 of investing $600 today (year 0) and then investing anoth
cestrela7 [59]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Investment= $600 today and $600 at the end of year 5

Interest rate= 3%

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3 years ago
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3 0
3 years ago
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
Stolb23 [73]

Answer:

Matching transactions to the journal in which they would be entered:

Transactions                                                           Journal Type

1. Recognized depreciation on the building         General Journal

2. Journalized the adjusting entry for supplies

 used during the period                                       General Journal

3. Closed the revenue account at the end

of the period                                                         General Journal

4. Received cash from the bank in exchange

for a note payable                                                Cash Receipts Journal

5. Withdrew cash for personal use (by owner)   Cash Payments Journal

Explanation:

Revenue journal records revenue transactions.

Cash receipts journal records all cash receipts.

Purchases journal records all purchases on account.

Cash payments journal records all cash payments.

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