Score: 0.55 of 1 pt 4 7 of 21 (21 complete) HW Se & S1-9 (book/static) ns servic

Question

Score: 0.55 of 1 pt 4 7 of 21 (21 complete) HW Se & S1-9 (book/static) ns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the pas (Click the ioon to view the Tiny Town Kennel transactions) Kennel has the follow Indicate the effects of the business ransactions on the accounting equation for Tiny Town Kennel. Transaction (e) is answered as a guide. the accounti a. Received $520 cash for service revenue eamed. a. Increase asset (Cash) b. Paid $325 cash for salaries expense. b. Decrease asset (Cash) c. Received a $1,000 contribution in exchange for common stock c. Increase asset (Cash) d. Eamed $640 for service revenue, but the customer has not paid Tiny Town Kennel yet Increase equity (Service Revenue) Decrease equity Salaries Expense) Increase equity (Common Stock) d. Increase asset (Accounts Receivable) Increase equity e. Received utility bill of $85, which will be paid next month (Service Revenue) . Increase lablity Accounts Payable) Choose from any drop-down list and then click Check Answer remaining Clear All Chec

Explanation / Answer

As I see you have answered a to d correctly :)

E) Received utility bill of $85,which will be paid next month

Decrease Equity (Utility expense) ; Increase liability (Accounts payable)

F) Cash dividends of $100 were paid to stockholders

Decrease asset(Cash) ; Decrease equity (Dividends)

Please let me know if you face any issues

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