: Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. is the financial statement effect to Being Company
: Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. is the financial statement effect to Being Company at the end of the accounting period on December 31?
Select one:
а.
BALANCE SHEET
INCOME STATEMENT
STOCKHOLDER’S
ASSETS
= LIABILITIES +
EQUITY
REVENUE –
EXPENSE
Interest
Interest
Cash Receivable
Retained Earnings Income
A)
+25
+25
+25
O b.
BALANCE SHEET
INCOME STATEMENT
STOCKHOLDER’S
ASSETS
LIABILITIES +
EQUITY
REVENUE –
EXPENSE
Notes
Notes
Interest
Interest
Cash Receivable
Payable
Retained Earnings Income
Expense
B)
+25
-25
C.
BALANCE SHEET
INCOME STATEMENT
STOCKHOLDER’S
ASSETS
LIABILITIES +
EQUITY
REVENUE –
EXPENSE
Notes
Notes
Interest
Interest
Cash Receivable
Payable
Retained Earnings Income
Expense
C)
-25
-25
-25
d.
BALANCE SHEET
INCOME STATEMENT
STOCKHOLDER’S
ASSETS
= LIABILITIES +
EQUITY
REVENUE –
EXPENSE
Notes
Notes
Interest
Interest
Cash Receivable
Рayable
Retained Earnings Income
Expense
D) +25
+25
+25
e. None of the above
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