BE3.1 (LO 1) Presented below are a number of transactions. (a) Indicate whether each transaction...
60.1K
Verified Solution
Link Copied!
Question
Accounting
BE3.1 (LO 1) Presented below are a number of transactions. (a) Indicate whether each transaction increased (+), decreased (), or had no effect (NE) on assets, liabilities, and shareholders equity. (b) Which of the following are accounting transactions that should be recorded in the accounting records?
(1)Purchased equipment for cash. Completed the paperwork to hire a new employee;
(2) the employee will start work next week. Fired the CEO.
(3)Performed services on account.
(4)A potential customer called to inquire about the availability of a product with limited availability and you are sure they will call back to place an order within the week.
Analyze effects of transactions.
Hello, I am wondering how to answer 4 questions mentioned above. Especially regarding to question (1) , why the assets have to be (+) and (-) ?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.