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On August 31 of the current year, the assets and liabilities of MacBride, Inc. are as follows: Cash $30,000; Supplies, $600; Equipment, $10,000; Accounts Payable, $8,500. What is the amount of equity as of August 31 of the current year?

If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be:

The adjusting entry at the end of an accounting period to record the unpaid salaries of employees for work provided is:

Go Go Dance Studio provided $150 of dance instruction and rented out its dance studio to the same client for another $100. The client paid immediately. Identify the general journal entry below that Go Go will make to record the transaction.

The assets section of a classified balance sheet usually includes the subgroups:

Council Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the purchase on August 7 is:

The assets of a company total $700,000; the liabilities, $200,000. What are the net assets?

All plant assets, including land, are depreciated.

Smokey’s Catering provided $1,000 of catering services and billed its client for the amount owed. Given the choices below, determine the general journal entry that Smokey’s Catering will make to record this transaction.

Crediting an expense account decreases it.