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How does the purchase of supplies on account affect the accounting equation?
When supplies are purchased on account, it increases assets and liabilities in the accounting equation. Specifically, supplies (an asset) increase, while accounts payable (a liability) also increase by the same amount. This keeps the accounting equation balanced, as the increase in assets is offset by an equal increase in liabilities.
Is this true or false purchasing supplies on account increase liabilities and decrease equity?
True. When supplies are purchased on account, it increases liabilities because the business now owes money to the supplier. At the same time, this transaction does not immediately affect equity; instead, it reflects an increase in assets (supplies) and an increase in liabilities, which can indirectly affect equity over time as expenses are recognized.
A levy was placed on a joint account due to a debt your daughter is disputing can this affect your other checking account?
No, it will only affect ur joint account. Then cannot touch your other account.
Can an joint account affect a credit score?
yes it can, both parties are equally responsible for the account
Which is correct the affected account or the effected account?
Affected account Affect mean something made it happenEffect means something already happen
How does purchases on account affect the balance sheet?
Purchases on account increases both Assets and Liabilities. Since a purchase on account becomes and account payable it is a liability account and the company's liabilities will increase the amount of the purchase. More than likely the purchase is for some type of equipment or supplies the company needs to operate and therefore is an asset to the company and that asset will increase by the same amount. Let's say Company X purchases $5,000 in supplies from company Z on account, Company X will record the transaction as follows. Supplies (dr) $5,000 Acc.Pay. Comp. Z (cr) $5,000 Remember Assets = Liabilities + Equity Assets increase with a debit Liabilities and Equity increase with a credit.
Does account payable affect an account right there?
yes
How did Manifest destiny affect Florida?
It was the same in every category
Will having a YouTube account affect your computer?
No, having a YouTube account will not affect your computer in any negative way.
A levy was placed on a joint account due to a debt your daughter is disputing can this affect your other checking account?
No, it will only affect ur joint account. Then cannot touch your other account.
Why is it difficult to group an illness into one category?
Some illnesses affect many body systems so they are harder to categorize. Usually, there is a single category that works the best. An example is Lupus that can affect any part of your body. It gets put into the autoimmune category.
How might being landlocked affect the economy?
they wouldn't have supplies to trade.
How did the weather affect the Mormons?
they got their supplies wet and their selves wet
What cultural factors affect the purchase of an aibo?
no cultural factor will have an affect. no cultural factor will have an affect.
In Minnesota what happens to a child's savings account for college in a divorce?
In Minnesota, a divorce should not affect a child's savings account for college in a divorce.
How does precipitation affect humans?
Precipitation brings rain. It supplies water to humans.
If my family buys a house will it affect my daughters ssi. she is diabled but not an adult. the money is used for medical supplies that medicaid does not provide?
Purchase of a house for your family to live in (versus income property) should not have any effect on your daughter's SSI eligibility.
