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For assets (such as cash), an
amount in the debit or left column always means an increase in the
balance. An amount in the credit or right column always means a decrease
in the balance.
• Just the opposite is true for liabilities and stockholders' equity: A
debit to a liability or stockholders' equity T-account always means a
decrease, and a credit always means an increase.
5-purchase supplies on account 2300
7-provide golf training to customers on account 2500
notice that transactions (5) and (7) are not posted to Eagle's Cash
T-account. These transactions did not include the receipt or payment of
cash, and therefore they do not affect the balance of cash
Determine the amount to post to
the Cash T-account. Instead of a beginning balance of $0, what if the
beginning balance in the Cash T-account was $3,000. Now, what is the
ending balance in the Cash T-account after the five transactions above?
Pumpkin Inc. sold $500 in
pumpkins to a customer on account on January 1. On January 11 Pumpkin
collected the cash from that customer. What is the impact on Pumpkin's
accounting equation from the collection of cash?
a.No net effect to the accounting equation.
b.Decrease assets and increase liabilities.
c.Increase assets and increase liabilities.
d.Decrease assets and decrease liabilities.