Solved

Identify the Effects of Each of the Following Items of Information

Question 79

Essay

Identify the effects of each of the following items of information on the accounting equation.Show the correct dollar amount and name the accounts involved.The first transaction has been done for you.
a.Supplies used up during the period,$56
b.Prepaid rent used up during the period,$120
c.Interest accrued on a note payable but unpaid,$203
d.Depreciation on long-term assets,$4,000
e.The portion of unearned revenue that has been earned,$1,000
f.A $12,000,12-month insurance policy was purchased 7 months ago
Identify the effects of each of the following items of information on the accounting equation.Show the correct dollar amount and name the accounts involved.The first transaction has been done for you. a.Supplies used up during the period,$56 b.Prepaid rent used up during the period,$120 c.Interest accrued on a note payable but unpaid,$203 d.Depreciation on long-term assets,$4,000 e.The portion of unearned revenue that has been earned,$1,000 f.A $12,000,12-month insurance policy was purchased 7 months ago

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q74: Which financial statement shows Cash paid for

Q75: Computerized accounting systems make sure that the

Q76: The employees of Dew Drop Inn get

Q77: Maxine,Inc.bought a machine on January 1,2012 for

Q78: If a one-year insurance policy is purchased,an

Q80: Making an adjustment for a transaction in

Q81: The profit margin on sales ratio equals

Q82: On October 1,2009 CW Oil Drilling Company

Q83: On May 1,2009 Canseco Oil Drilling Company

Q84: Delphi Desk,Inc.has the following unadjusted balances at