Withdrawals are a type of transaction that affects equity.  True False

An accounting transaction simultaneously decreases assets and equity. This transaction is explained by which of the following scenarios:Group of answer choicesAn asset was purchased with cash.Accounts Payable owed were paid with cash.An expense was incurred on credit.The owner withdrew cash from the business.Next

The following are three business transactions. For each column, indicate whether the transactions increased, decreased, or had no effect on assets, liabilities, and stockholders’ equity.AssetsLiabilitiesStockholders’ Equity(a)Purchased supplies on account.Select an option Select an option Select an option  (b)Received cash for performing a service.Select an option Select an option Select an option  (c)Paid expenses in cash.

Which of the following does not affect equity?  Sales.   Revaluation reserve. Correct Answer  Cash at bank. You Answered  Expenses.

A common business transaction that would NOT affect the amount of owners' equity isGroup of answer choicessigning a note payable to purchase equipment.billing of customers for services rendered.payment of property taxes.owner’s withdrawal of cash

A business transaction can have dual effect on a single accounting element or value.Select one:TrueFalse