Question and answer
If supplies that have been purchased are used in the course of business, then 1) an asset will increase. 2) owner's equity will increase. 3) a liability will increase. 4) owner's equity will decrease
Answer is 1. If supplies that have been purchased are used in the course of business, then an asset will increase.
Expert answered|piash|Points 1563|
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Asked 10/11/2011 9:44:58 PM
Updated 10/11/2011 10:12:25 PM
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The private sector organization involved in developing accounting principles is the Financial Accounting Studies Board. Feasible Accounting Standards Body. Financial Accounting Standards Board. Financial Auditors' Standards Body.
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Asked 10/10/2011 6:27:56 PM
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The accounting equation for Gudgeyes Enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000 If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000 $132,000 = $66,000 + $66,000 $132,000 = $60,000 + $72,000 ...
Weegy: If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to $132,000 = $72,000 + $60,000 Assets (office equipment) increase by $12,000. [ Liabilities (accounts payable) increase by $12,000 and Owners equity remains the same. ] (More)
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Asked 10/10/2011 6:40:55 PM
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The accounting equation for Gudgeyes Enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000 If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000 $132,000 = $66,000 + $66,000 $132,000 = $60,000 + $72,000 ...
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Updated 10/10/2011 7:04:45 PM
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If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to $132,000 = $72,000 + $60,000 Assets (office equipment) increase by $12,000. Liabilities (accounts payable) increase by $12,000 and Owners equity remains the same.
Added 10/10/2011 7:04:45 PM
Which of the following is not a characteristic of the cost principle? Objectivity. Subjectivity. Verifiability. Reliability.
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Asked 10/10/2011 6:36:56 PM
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