Fall 2018: Financial Accounting Assignments Fall 2018: Financial Accounting Sara

Question

Fall 2018: Financial Accounting Assignments Fall 2018: Financial Accounting Saray Zarate& Homework: Chapter 1 Score: 0 of 1 pt Save 7 of 21 (17 complete) HW Score: 69.91 %, 14.68 of 21 pts S1-9 (book/static) Question Help Tiny Town Kennel eans service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions: (Click the icon to view the Tiny Town Kennel transactions.) Indicate the effects of the business transactions on the accounting equation for Tiny Town Kennel. Transaction (a) is answered as a guide. a. Received $520 cash for service revenue earned. a. Increase asset (Cash) b. Paid $325 cash for salaries expense b. Increase equity (Service Revenue) More Info service revenue earned. a. Recerved 35z0 casn tor b. Paid $325 cash for salaries expense. Choose from any drop-down li c. Received a $1,000 contribution in exchange for common stock d. Earned $640 for service revenue, but the customer has not paid Tiny Town Kennel yet e.Received utility bill of $85, which will be paid next month f. Cash dividends of $100 were paid to stockholders Check Answer

Explanation / Answer

a) Increase asset ( cash) : Increase equity (Service revenue) b) Decrease asset ( cash) : Decrease equity (Salaries Expense) c) Increase asset ( cash) : Iecrease equity (Common stock) d) Increase asset (Accounts Receivable) : Increase equity (Service revenue) e) Increase Liability (Accounts Payable) : Decrease equity (Utility expense) f) Decrease asset ( cash) : Decrease equity (Dividends)

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