PLS POST ALL THE ANSWERS Problem 12c: Stockholders\' Equity: Comprehensive Revie

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PLS POST ALL THE ANSWERS

Problem 12c: Stockholders' Equity: Comprehensive Review 1. Bussey's Home Furnishings' chart of accounts is shown below. ccount Number ccount Name Cash Accounts Receivable Merchandise Inventory Store Supplies Display Equipment Accum. Depr., Display Equipment Accounts Payable Income laxes Payable Preferred Stock Common Stock Additional Paid-in Capital, Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Wages Expens Advertising Expense Rent Expense Store Supplies Expense Depreciation Expense, Display Equipment Telephone Expense nco se 113 115 121 122 211 213 311 313 314 321 351 411 511 521 523 525 527 528 529 551 me Taxes Expen

Explanation / Answer

Answers

Cash Debited and Owner’s Equity Credited by $35,000

Supplies Debited, Cash Credited [both Assets account]

Equipment [Assets] $5000
Cash [Assets] $(1500)
Total Assets = $3500
Balance is Accounts payable [Liabilities]

Advertising expense debited and Cash[Assets] gets credited.

Cash balance [assets] will increase and Invested capital will increase

Cash [assets] gets reduced by dividend amount [expense]

Accounts payable [borrowed resources] will get reduced by cash payment [assets]

Expenses will decrease management generated resources that are paid by Cash [assets]

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