ACCT ch. 2 quiz
Terms in this set (5)
A company received a utility bill of $650 but did not pay it. indicate the amount of increases and decreases in the accounting equation.
a company purchases machinery fro $28,000 cash. record the transaction.
a company pays $6,400 for maintenance in the current period. record the transaction.
repairs and maintenance expense
for each transaction record in an accounting system, the basic equation that must be maintained at all times is:
assets = liabilities + stockholders equity
when a company provides services on account, the accounting equation would be affected as follows:
assets increase and stockholders equity increases