Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 31 Jan 2018 My Price 9.00

Marsha Solomon

Marsha Solomon, a​ physiotherapist, opened a practice. The business completed the following​ transactions:

May 1 Solomon invested $25,000 cash to start her practice. The business issued shares to Solomon.

1 Purchased medical supplies on account totalling $9,000.

2 Paid monthly office rent of $4,000.

3 Recorded $8,000 revenue for service rendered to​ patients, received cash of $2,000​, and sent bills to patients for the remainder.

Which of the transactions of Marsha Solomon​, ​P.T., increased the total assets of the​ business? For each​ transaction, identify the asset that was increased or decreased.

May 1: This first transaction (a.decreased b.increased) total assets. The asset that (a.decreased b.increased) was (a.accounts payable b. accounts receivable c.cash d. medical suppliers e.none).

May 1: This second transaction (a.decreased b.increased) total assets. The asset that (a.decreased b.increased) was (a.accounts payable b. accounts receivable c.cash d. medical suppliers e.none).

May 2: This transaction (a.decreased b.increased) total assets. The asset that (a.decreased b.increased) was (a.accounts payable b. accounts receivable c.cash d. medical suppliers e.none).

May 3: This transaction (a.decreased b.increased) total assets. The asset that (a.decreased b.increased) were (a.accounts receivable b.accounts receivable and cash c.cash d.cash and suppliers e.medical suppliers f. medical suppliers and accounts receivable).

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jan 2018 09:01 PM My Price 9.00

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