Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Increase = I Decrease = D No Effect = NA (Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.)An adjusting entry recorded as a debit to Salaries Expense and a credit to Salaries Payable.Assets Liabilities Stk. Equity Revenues Expenses Net Income Stmt of Cash Flows???????
What will be an ideal response?
(NA) (I) (D) (NA) (I) (D) (NA)
Debits increase expenses, which in turn decreases stockholders' equity (retained earnings), and credits increase liability accounts, such as salaries payable.
You might also like to view...
The entry to record the declaration of a cash dividend will
A) not affect working capital. B) reduce working capital. C) not affect total stockholders' equity. D) increase total stockholders' equity.
Which of the following is NOT a priority-determination question?
a. Do I need to be personally involved because of my unique knowledge or skills? b. Is the task my responsibility, or will it affect the performance or finances of my department? c. When is the deadline--is quick action needed? d. Can the task be delegated?
Despite facing a difficult mission, Oscar's citizens advisory committee is marked by strong relationships and mutual respect among all its members. It is clear that the committee has translated ________ into group norms.
A. goals and objectives B. social status C. emotional intelligence D. maintenance roles
Which of the following can aid company strategists in identifying key success factors in their industry?
A. short delivery time capability B. global distribution capabilities of suppliers C. product attributes and service characteristics that buyers consider to be crucial D. accurate filling of buyer orders E. low switching costs of buyers and suppliers