Indicate the effect each of the following transactions has on the accounting equ

Question

Indicate the effect each of the following transactions has on the accounting equation (I.e.,assets, liabilities, and equity). Enter the number corresponding to your answer in the box provided. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices. assets no effect, liabilities increase; equity decrease assets decrease; liabilities decrease; equity no effect assets decrease; liabilities no effect; equity decrease assets increase; liabilities decrease; equity decrease assets no effect; liabilities decrease; equity Increase assets no effect; liabilities no effect; equity no effect assets increase; liabilities increase; equity no effect assets increase; liabilities increase; equity increase assets increase; liabilities no effect; equity increase assets no effect; liabilities increase; equity no effect

Explanation / Answer

transaction                       asset                 liabilites                  equity

       4                                   no effect              decrease             no effect   ( advance is treated as liability)

     5                                     increase                 increase                no effect

    6                        cash - increase                       no effect                    no effect

                             receviables - decrease

                          no net is no effect

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