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What accounts would be affected when a transaction to make delivery for cash is done?
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What accounts are affected and how when merchandise is purchased for cash?
no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
What has no effect on retained earnings?
A transaction that only affects asset and/or liability accounts would have no impact on Retained Earnings. Such as paying an Accounts Payable invoice or receiving payment of an Accounts Receivable.
What accounts would be affected and how by a transaction to purchase supplies for cash?
This is one of the simplest transactions you can do in accounting. Because you are 1. purchasing supplies and 2. you are using cash.You already stated part of your answer in the question. The two accounts affected are 1. Cash and 2. SuppliesBecause you are spending cash, cash will decrease (credited) and since you are receiving supplies, supplies will increase (debit). Remember both of these accounts are asset accounts and therefore both maintain a debit balance. To increase an asset you must debit it, to decrease it you must credit it.
What is the different between trade and non trade account?
Trade accounts are directly linked to core business activity whereas non trade accounts are not. If you are a supermarket, a trade transaction would occur with a supplier, a non-trade transaction could relate to employee benefits.
How can a transaction not affect liability and equity accounts?
A shift in assets would not affect liability or equity: Receive payment of an Accounts Receiveable, Purchase a Fixed Asset with Cash, move funds from Cash to Investments (Bonds, etc.).
What accounts are affected and how when merchandise is purchased for cash?
no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
What has no effect on retained earnings?
A transaction that only affects asset and/or liability accounts would have no impact on Retained Earnings. Such as paying an Accounts Payable invoice or receiving payment of an Accounts Receivable.
What accounts would be affected and how by a transaction to purchase supplies for cash?
This is one of the simplest transactions you can do in accounting. Because you are 1. purchasing supplies and 2. you are using cash.You already stated part of your answer in the question. The two accounts affected are 1. Cash and 2. SuppliesBecause you are spending cash, cash will decrease (credited) and since you are receiving supplies, supplies will increase (debit). Remember both of these accounts are asset accounts and therefore both maintain a debit balance. To increase an asset you must debit it, to decrease it you must credit it.
What is the different between trade and non trade account?
Trade accounts are directly linked to core business activity whereas non trade accounts are not. If you are a supermarket, a trade transaction would occur with a supplier, a non-trade transaction could relate to employee benefits.
How can a transaction not affect liability and equity accounts?
A shift in assets would not affect liability or equity: Receive payment of an Accounts Receiveable, Purchase a Fixed Asset with Cash, move funds from Cash to Investments (Bonds, etc.).
You purchase a car got the car but no records on file from the financial company?
how accounts would be affected the purchase of a company car
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
A newspaper ad submitted and published this week with the agreement to pay for it next week How would that be reflected in an accounting journal entry?
In the accounting journal, this transaction would be recorded as a liability in the current week when the newspaper ad was submitted and published. It would be debited to Advertising Expense and credited to Accounts Payable. The payment would then be recorded in the following week by debiting Accounts Payable and crediting Cash.
What is a proxy transaction?
A proxy transaction would be getting someone else to facilitate the transaction on your behalf. What ever that transaction may be. http://aproxy.org
What transaction would cause decrease and increase liability account?
A liability account is money owed by a company. Such as Accounts Payable and Notes Payable.A transaction that would increase a liability account is if you purchased an item on account. This would increase either the Account Payable or Note Payable accounts.A transaction that would decrease these are actual payments you make to the person/company you owe, hence lowering the balance of how much is owed.For example, I purchase a truck costing $15,000, that transaction has increased my liability in notes payable. Once I begin making payments on that truck, each of those payments will decrease the liability.
What banks have the lowest transaction costs?
The banks that have the lowest transaction costs would be Credit Unions which typically do not charge transaction fees. Other banks such as HSBC have transaction fees that amount to $2.50 per transaction.
Difference between primary market transaction and a secondary market transaction?
An example of a primary market transaction would be the act of someone buying a brand new car. A secondary market transaction would be someone buying a used car.
