Please consider each of the following transactions and pick the correct impact t
ID: 2464815 • Letter: P
Question
Please consider each of the following transactions and pick the correct impact to the accounting categories listed below as a result of recording them.
+ Assets; + Stockholder's Equity
+ Assets; + Liabilities
+ Assets; - Assets
- Assets; - Liabilities
- Assets; - Net Income
- Assets ; - Stockholder's Equity
Part time employees were paid $12,480 for their work during the first two weeks of the month
Issued 14,000 shares of common stock to new stockholders for cash.
Purchased $6,780 worth of inventory on account from Blankenship Industries to be paid within 30 days.
Received $1,200 from M. Heisenberg for an account receivable recorded sixty days earlier when he purchased goods from us on account.
Paid $925 to UPS for shipping services incurred this month after having received the monthly invoice.
A.+ Assets; + Stockholder's Equity
B.+ Assets; + Liabilities
C.+ Assets; - Assets
D.- Assets; - Liabilities
E.- Assets; - Net Income
F.- Assets ; - Stockholder's Equity
Explanation / Answer
Part time employees were paid $12,480 for their work during the first two weeks of the month - Assets; - Net Income Issued 14,000 shares of common stock to new stockholders for cash. + Assets; + Stockholder's Equity Purchased $6,780 worth of inventory on account from Blankenship Industries to be paid within 30 days. + Assets; + Liabilities Received $1,200 from M. Heisenberg for an account receivable recorded sixty days earlier when he purchased goods from us on account. + Assets; - Assets Paid $925 to UPS for shipping services incurred this month after having received the monthly invoice. - Assets; - Net Income
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