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23 Nov 2019

the adjustment entry to record the accural of interest expensehas wht effect on the basic account equation

a)increase asset increase liabilities

b) decrease asset decrease laiabilities

c)increase assets decrease liabilities

d)increase liabilities decrease stockholders equity

e)decrease liabilities increase stockholders equity

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Reid Wolff
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15 Aug 2019
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Related questions

26 Which of the following correctly states the direction in which general ledger accounts are increased and decreased? a. Debits decrease assets; debits decrease liabilities; credits decrease owners' equity b. Credits decrease assets; credits decrease liabilities; credits decrease owners' equity C. Credits decrease assets; debits decrease liabilities; debits decrease owners' equity d. Debits decrease assets; credits decrease liabilities; credits decrease owners' equity e. None of the above. The correct answer is 'c'.

Which of the following is true of dividends?
Ā 
a) Dividends increase assets and decrease total stockholders' equity of a corporation.
b) Dividends are a distribution of cash, stock, or other assets to the stockholders.
c) Dividend payments decrease paid-in capital.
d) Dividend payments increase stockholders' equity.
1. If beginning capital was $70,000, ending capital is $48,000, andthe owner's withdrawals were $21,000, the amount of net income ornet loss was (Points: 3)
net income of $42,000
net income of $17,000
net loss of $22,000
net loss of $1,000


2. If total assets decreased by $88,000 during a period of time andowner's equity increased by $65,000 during the same period, thenthe amount and direction (increase or decrease) of the period'schange in total liabilities is (Points: 3)
$23,000 increase
$88,000 decrease
$153,000 increase
$153,000 decrease


3. A business paid $7,000 to a creditor in payment of an amountowed. The effect of the transaction on the accounting equation wasto (Points: 3)
increase one asset, decrease another asset
decrease an asset, decrease a liability
increase an asset, increase a liability
increase an asset, increase owner's equity


4. The business entity concept means that (Points: 3)
the owner is part of the business entity
an entity is organized according to state or federal statutes
an entity is organized according to the rules set by the FASB
the entity is an individual economic unit for which data arerecorded, analyzed, and reported


5. The assets and liabilities of the company are $175,000 and$40,000, respectively. Owner's equity should equal (Points:3)
$215,000
$135,000
$175,000
$40,000

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