This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The purchases discounts account is debited for cash discounts to customers. a. True b. False ... (Read 249 times)

piesebel

  • Hero Member
  • *****
  • Posts: 565
on: Jul 5, 2018
The purchases discounts account is debited for cash discounts to customers.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

On October 15, Manx Company bought 400 shares of its own stock for 16 per share. Show how this transaction affects the accounting equation. Include both account titles and amounts.
 
  Shareholders' equity
  Assets Liabilities Contributed capital Retained earnings
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

blazinlyss

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

Shareholders' equity
Assets Liabilities Contributed capital Retained earnings
(6,400 ) (6,400 ) Treasury stock


piesebel

  • Member
  • Posts: 565
Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

cam1229

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

True-color image of layers of haze in Titan's atmosphere. True-color image of layers of haze in Titan's atmosphere.
Adapoids and omomyoids had longer snouts and are the first “true” primates. Adapoids and omomyoids had longer snouts and are the first “true” primates.
Wind, solar, biomass, and geothermal power account for less than 1% of global power generation Wind, solar, biomass, and geothermal power account for less than 1% of global power generation
Food vs Cash: Which Is More Effective for Alleviating Hunger? Food vs Cash: Which Is More Effective for Alleviating Hunger?
A company spends $117 500 today and has positive cash inflows of $34 000 for each of the next 6 ... A company spends $117 500 today and has positive cash inflows of $34 000 for each of the next 6 ...
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Video: ACTH/Cortisol (glycogenolysis, protein catabolism, lipolysis and gluconeogenesis)

For a complete list of videos, visit our video library