Balance sheet treatment - cash /credit purchase

Related BrainMass Solutions

• Comparing and Contrasting the Balance Sheet Treatment of a Car

  Compare and contrast the balance sheet treatment of a car purchased with cash and a car purchased on credit. How is equilibrium of the basic accounting equation maintained in both instances?

• Accounting:Accounting equation,journal entries etc.

  281093 Accounting equation effect of journal entries for car purchase by cash and credit Compare and contrast the balance sheet treatment of a car purchased by cash and a car purchased on credit.

• Budget Creation

  , and Balance Sheet.

• Personal Financial Planning

  , $65 - cash flow Credit card balance, $235 - balance sheet - liability Loan payment, $80 - cash flow Auto insurance, $230 - cash flow Household possessions, $3,400 - balance sheet - asset Stereo equipment, $2,350 - balance sheet - asset Payment

• Unadjusted Trial Balance, Income Statement, Statement of Retained Earnings and Balance Sheet

  Unadjusted trial balance Adjustments Adjusted Trial Balance Account Debit Credit Debit Credit Debit Credit Cash 4,880 100 4,780 Accounts receivables 3,520 3,520 0 Supplies 2,000 300 1,700 Supplies expense 300 300 0 Store equipment 15,000

• Faith's Fine Furniture Corporation and Faye's Fashions

  200144 Balance Sheets Inferring Investing and Financing Transactions and Preparing a Balance Sheet" .

• Changing an accounting system, internal controls, purchases

  The debit balance in Cash Short and Over at the end of an accounting period is reported as **An expense on the income statement Income on the income statement An asset on the balance sheet A liability on the balance sheet Missing cash =

• This posting addresses basic accounting principles.

  Example: To record an expense transaction: Rent 500 Cash 500 To record an asset purchase: Equipment purchase 15,000 Cash (or line of credit) 15,000 There

• Financial Statements: Balance Sheet, Income, and Cash Flow

  Any purchase and sale of fixed assets and investments in the balance sheet is reflected in cash flow from investing activities.