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marissa [1.9K]
3 years ago
10

Pumpkin Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11, Pumpkin collected the cash from that cu

stomer. What is the impact on Pumpkin's accounting equation from the collection of cash?
Business
1 answer:
Serggg [28]3 years ago
6 0

Answer:

No Net Impact on Pumpkin's Accounting Equation from collection of cash.

Explanation:

Sales transaction has already been recorded and there is a Account receivable with $500 balance which is an asset account. On January 11 Cash has been received and the transaction was as follows:

Dr. Cash                         $500

Cr. Account receivable $500

Cash and Account receivable are both assets account therefore there will be no net impact on pumpkin's accounting equation one type of asset account balance is increasing the other type of asset account balance is decreasing when we post transaction.

Accounting Equation

                                           Asset     =     Equity  +  Liability

Dr. Cash                             +500                0                0

Cr. Account Receivable    <u>-500                 0                0</u>

Total Impact                      <u>     0                   0                0</u>

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During 2022, Bramble Corp. reported cash provided by operations of $778000, cash used in investing of $672000, and cash used in
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Explanation:

Cash provided by operations = $778,000

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Some club members want to increase membership dues by $7.00.Other club members want to increase them by $3.00.They have reached
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Which of the following is considered important in a company's attempt to strengthen partner relationships? Group of answer choic
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Springfield mogul Montgomery Burns, age 80, wants to retire at age 100 so he can steal candy from babies full time. Once Mr. Bur
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Answer:

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Deposits = 20 equal end-of-the year deposits in the same special offshore account above.

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I/Y (Interest Rate) 18.000%

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Starting Investment $0.00

Total Principal $1,892,895,033.42

Total Interest $11,984,672,777.45

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