80.2K

Verified Solution

Link Copied!

PLEASE ANSWER ASAP

Huang Ltd. records their business transactions into the basic accounting equation. For each of the following independent business activities, indicate the effect on the basic accounting equation. NOTE: The questions are multi-selection questions. For each business activity choose ALL that apply. Question 28 (2 points) In March provided $2,450 of services to a customer who paid in advance in February. a) Decrease assets b) This is an event, not a transaction. c) Increase assets d) Decrease liabilities e) Increase equity f) Increase liabilities Og) Decrease equity Signed a contract with a new employee who will start next month at a salary of $1,000 per week. a) Decrease assets b) Increase liabilities c) This is an event, not a transaction. d) Increase equity e) Decrease equity f) Increase assets g) Decrease liabilities Question 30 (2 points) A company received cash of $1,250 from a customer in May for services to be performed in June. a) Decrease liabilities b) This is an event, not a transaction. c) Decrease equity d) Increase assets e) Decrease assets Of) Increase liabilities Received a hydro electricity bill on August 31 for $920. The bill will be paid in early September. a) Increase equity b) Increase assets c) This is an event, not a transaction. d) Decrease equity e) Decrease assets | f) Increase liabilities g) Decrease liabilities Question 32 (2 points) Purchased $3,000 of equipment on account. a) Decrease assets b) Increase liabilities c) Decrease equity d) Increase equity e) This is an event, not a transaction. f) Increase assets g) Decrease liabilities

Answer & Explanation Solved by verified expert

See Answer