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 247 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
Thanks for the timely response, appreciate it

kalskdjl1212

  • Member
  • Posts: 353
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

A 1998 false-colour near-infrared image of Uranus showing cloud bands, rings, and moons obtained by A 1998 false-colour near-infrared image of Uranus showing cloud bands, rings, and moons obtained by
True Friendship True Friendship
Early in the twentieth century, when malnutrition was common, companies such as this one advertised Early in the twentieth century, when malnutrition was common, companies such as this one advertised
The human X chromosome (left) and the Y chromosome (right). This false-color scanning electron micro The human X chromosome (left) and the Y chromosome (right). This false-color scanning electron micro
Calculate the weighted-average cost of the following inventory purchases:DateQuantity ... Calculate the weighted-average cost of the following inventory purchases:DateQuantity ...
Video: HDL (high density lipoprotein)

For a complete list of videos, visit our video library