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 264 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
:D TYSM

pratush dev

  • Member
  • Posts: 321
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Oliver Wendell Holmes is credited with introducing the words "anesthesia" and "anesthetic" into the English language in 1846.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

A true albino squirrel. Note the pink eyes. A true albino squirrel. Note the pink eyes.
true story true story
A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact, A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact,
True Dover Sole True Dover Sole
You deposit $2000 each year into an account earning 4% interest compounded annually. How much ... You deposit $2000 each year into an account earning 4% interest compounded annually. How much ...
Video: Stages of Mitosis - Prophase, Prometaphase, Metaphase, Anaphase & Telophase

For a complete list of videos, visit our video library