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Financial Accounting Ch.1 Part 5
Terms in this set (10)
Sam's Snack Food received cash from issuance of common stock to stockholders
Increase Asset (Cash); Increase Equity (Common Stock)
Cash purchase of land for a building site
Decrease asset (Cash); Increase asset (Land)
Paid cash on accounts payable
Decrease asset (Cash); Decrease liability (Accounts Payable)
Purchased equipment; signed a note payable.
Increase asset (Equipment); Increase liability (Notes Payable)
Performed service for a customer on account.
Increase asset (Accounts Receivable); Increase equity (Service Revenue)
Employees worked for the week but will be paid next Tuesday.
Increase liability (Salaries Payable); Decrease equity (Salaries Expense)
Received cash from a customer on accounts receivable.
Increase asset (Cash); Decrease asset (Accounts Receivable)
Borrowed money from the bank.
Increase asset (Cash); Increase liability (Notes Payable)
Cash dividends paid to stockholders.
Decrease asset (Cash); Decrease equity (Dividends)
Incurred utilities expense on account.
Decrease equity (Utility Expense); Increase liability (Accounts Payable)
THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 1: Homework Practice
Accounting Chapter 1 Tips for transactions
Accounting Chapter 2 terms
Financial Accounting Ch.1 Part 3
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