Sikes Company experienced an accounting event that was recorded in its general journal as indicated...
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Accounting
Sikes Company experienced an accounting event that was recorded in its general journal as indicated below:
Warranties Expense
xxx
Warranties payable
xxx
Which of the following reflects how this event affects the companys financial statements?
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
a.
NA
NA
+
OA
b.
+
NA
NA
+
NA
+
+ FA
c.
NA
+
-
NA
+
NA
d.
NA
NA
NA
NA
OA
Sikes Company experienced an accounting event that was recorded in its general journal as indicated below:
Warranties Expense | xxx |
|
Warranties payable |
| xxx |
Which of the following reflects how this event affects the companys financial statements?
|
| Assets | = | Liab. | + | Equity |
| Rev. | Exp. | = | Net Inc. |
| Cash Flow |
| |
a. |
|
| NA |
|
| NA |
| + |
|
| OA |
| |||
b. |
| + |
| NA |
| NA |
| + |
| NA |
| + |
| + FA |
|
c. |
| NA |
| + |
| - |
| NA |
| + |
|
| NA |
| |
d. |
|
|
| NA |
| NA |
| NA |
| NA |
| OA |
|
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