题目
题目

MCD1010 - T3 - 2024 Prestige Painting Service - Journal Recording.

多重下拉选择题

The owner of Prestige Painting has provided the following list of transactions about her business: Apr 4  Paid rent $500.Required: A. Indicate the effect of the above transaction on the accounting equation. NOTE: Click each box, and from the dropdown list, select the appropriate effect. Select “Not effect” if the account is not affected. [table] Date | Assets | = | Liability | + | Owner’s Equity | + | Incomes | _ | Expenses Cash | Stock of Paint | | Accounts Payable | Loan | | Capital | | Service Income | | Rent Apr 4 | Blank 1 Question 4 IncreaseDecreaseNo effect | Blank 2 Question 4 IncreaseDecreaseNo effect | Blank 3 Question 4 IncreaseDecreaseNo effect | Blank 4 Question 4 IncreaseDecreaseNo effect | Blank 5 Question 4 IncreaseDecreaseNo effect | Blank 6 Question 4 IncreaseDecreaseNo effect | Blank 7 Question 4 IncreaseDecreaseNo effect [/table] B. Record the above transaction in the following journal book of Prestige Painting. NOTE: Record the debit entry (account) before the credit entry for each journal, and select “N/A” if any box is not required. [table] Journal Entry Date | Accounts/Details | Debit (Dr) | Credit (Cr) Apr 4 | Blank 8 Question 4 CashStock of PaintAccounts PayableLoanCapitalService IncomeRent Expense | Blank 9 Question 4 $500N/A | Blank 10 Question 4 $500N/A Blank 11 Question 4 CashStock of PaintAccounts PayableLoanCapitalService IncomeRent Expense | Blank 12 Question 4 $500N/A | Blank 13 Question 4 $500N/A [/table]

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思路分析
The transaction presented is: Apr 4 Paid rent $500. To analyze its effects, we consider how paying rent impacts assets, liabilities, and the components of equity (including incomes and expenses). Option-by-option analysis: - Decrease (first listed option under Assets, Cash): Paying cash to cover rent reduces the company’s cash balance. Since Cash is an asset, a payment lowers total assets by $500. This is a straightforward cash outflow that does not affect stock of paint, accounts payable, or loans, so those would typically be marked as No effect. This option correctly reflects the cash outflow. - No effect (second option under Assets, Stock of Paint): Rent payment does not change the level of stock of paint. The transaction uses cas......Login to view full explanation

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