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The general journal is for February, due as of feb 31. As a result of recording transaction #4 The general journal is for February, due as of feb 31....
- The general journal is for February, due as of feb 31. As a result of recording transaction #4
The general journal is for February, due as of feb 31.
#4 Feb 2: Paid employee salaries that were due as of January 31, 2019. ( due last month)
A.Liabilities are decreased, stockholders' equity is increased and there is no effect on assets.
B.Assets are decreased, stockholders' equity is decreased and there is no effect on liabilities.
C.Assets are decreased, liabilities are decreased and there is no effect on stockholders' equity.
D.Assets are increased, stockholder's equity is increased and there is no effect on liabilities.
E.There is no effect on assets, liabilities, or stockholders' equity.
2.#9 Feb 7: During the first week of February the company reported concession sales as follows:
Concessions: Cost: $1,500
Sales Price: $3,100
All concession sales were cash sales.
The cumulative effect of recording transaction #9 is an
A.Increase in stockholders' equity of $3,100
B.Increase in expenses of $3,100
C.Increase in assets of $1,600
D.Decrease in retained earnings of $1,500
E.Increase in assets of $3,100
