Question

In: Accounting

Which of the following items are liabilities of Stanley Jewelry Stores? (a) Cash. (b) Accounts payable.

Which of the following items are liabilities of Stanley Jewelry Stores?

(a) Cash. 

(b) Accounts payable. 

(c) Dividends. (h) Service revenue.

(d) Accounts receivable. 

(e) Supplies.

(f) Equipment.

(g) Salaries payable.

(i) Rent expense.

Solutions

Expert Solution

Yes, a business can enter into a transaction in which only the left side of the accounting equation is affected. An example would be a transaction where an increase in one asset is offset by a decrease in another asset. An increase in the Equipment account which is offset by a decrease in the Cash account is a specific example.

 

A transaction affecting only one side of the accounting equation is possible, like increasing Equipment and decreasing Cash.

Junaid answered 8 months ago
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