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Author Question: The purchases discounts account is debited for cash discounts to customers. a. True b. False ... (Read 266 times)

piesebel

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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?


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blazinlyss

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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

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

brbarasa

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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