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Author Question: Squid Roe, Inc. paid 500 cash for janitorial services. The effect of this transaction on the ... (Read 70 times)

jwb375

  • Hero Member
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  • Posts: 540
on: Jul 5, 2018
Squid Roe, Inc. paid 500 cash for janitorial services. The effect of this transaction on the accounting equation is:
 
  A) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   (500) cash No effect No effect (500) expense
 
  B) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   500 supplies
  (500) cash No effect No effect No effect
 
  C) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   (500) cash (500) expense No effect No effect
 
  D) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   No effect (500) expense No effect (500) cash

Question 2

Failing to record a customer's order for the purchase of inventory violates the control goal of:
 a. ensure input accuracy
  b. ensure input completeness
  c. ensure input validity
  d. ensure input accuracy and input validity


deja

  • Sr. Member
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  • Posts: 332
Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

B


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