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  • Wk 4 - Apply: Summative Assessment: The Mechanics
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Wk 4 - Apply: Summative Assessment: The Mechanics of Accounting / Key Questions with 100% Correct Answers. Quiz____? Burton Company purchased goods for resale. Burton Company paid some cash for the purchase and the remainder was put on the company

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Institution Wk 4 - Apply: Summative Assessment: The Mechanics
Course Wk 4 - Apply: Summative Assessment: The Mechanics
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Wk 4 - Apply: Summative Assessment: The Mechanics of Accounting / Key Questions with 100% Correct Answers. Quiz____? Burton Company purchased goods for resale. Burton Company paid some cash for the purchase and the remainder was put on the company's credit accounts with its suppliers. What is the effect of this transaction on the accounting equation? Inventory UP, Cash DOWN, Accounts Payable UP Inventory DOWN, Cash DOWN, Accounts Payable DOWN Inventory DOWN, Cash UP, Accounts Payable UP Inventory UP, Cash UP, Accounts Payable DOWN - Answer Inventory UP, Cash DOWN, Accounts Payable UP Quiz____? Dridge Company sold inventory for cash. The selling price was more than the original cost of the inventory. What is the effect of this transaction on the accounting equation? Cash UP, Inventory UP, Retained Earnings UP Cash UP, Inventory DOWN, Retained Earnings DOWN Cash UP, Inventory DOWN, Retained Earnings UP Cash UP, Inventory UP, Retained Earnings DOWN - Answer Cash

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Quiz____?

Burton Company purchased goods for resale. Burton Company paid some cash for the
purchase and the remainder was put on the company's credit accounts with its suppliers.



What is the effect of this transaction on the accounting equation?



Inventory UP, Cash DOWN, Accounts Payable UP

Inventory DOWN, Cash DOWN, Accounts Payable DOWN

Inventory DOWN, Cash UP, Accounts Payable UP

Inventory UP, Cash UP, Accounts Payable DOWN -

Answer✓✓

Inventory UP, Cash DOWN, Accounts Payable UP




Quiz____?

Dridge Company sold inventory for cash. The selling price was more than the original cost
of the inventory.



What is the effect of this transaction on the accounting equation?



Cash UP, Inventory UP, Retained Earnings UP

Cash UP, Inventory DOWN, Retained Earnings DOWN

Cash UP, Inventory DOWN, Retained Earnings UP

Cash UP, Inventory UP, Retained Earnings DOWN -

Answer✓✓

1

, Cash UP, Inventory DOWN, Retained Earnings UP




Quiz____?

Lyman Company paid cash for employee wages.

What is the effect of this transaction on the accounting equation?



Cash UP, Retained Earnings UP

Cash UP, Retained Earnings DOWN

Cash DOWN, Retained Earnings UP

Cash DOWN, Retained Earnings DOWN -

Answer✓✓

Cash DOWN, Retained Earnings DOWN




Quiz____?

Ogden Company purchased a building. Ogden paid part of the purchase price in cash and
signed a note payable agreeing to pay the remainder in the future.



What is the effect of this transaction on the accounting equation?



Cash DOWN, Building UP, Note Payable UP

Cash DOWN, Building DOWN, Note Payable DOWN

Cash DOWN, Building DOWN, Note Payable UP

Cash UP, Building DOWN, Note Payable DOWN -

Answer✓✓

Cash DOWN, Building UP, Note Payable UP




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