abc purchased $500 of merchandise on account. abc's journal entry to record this transaction includes a . (check all that apply.) multiple select question. credit to accounts payable of $500 credit to inventory of $500 debit to inventory of $500

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26-10-2022
Business

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abc purchased $500 of merchandise on account. abc's journal entry to record this transaction includes a . (check all that apply.) multiple select question. credit to accounts payable of $500 credit to inventory of $500 debit to inventory of $500

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If a consumer does not have any collection accounts, does that have a negative impact on their score?

if a consumer does not have any collection accounts, does that have a negative impact on their score?

RajeevKumarBag RajeevKumarBag · Answer 1 · 2022-10-28T14:20:43-04:00

The relationship between assets, liabilities, and equity is depicted by the accounting equation. It serves as the cornerstone on which the double entry accounting system is built. In order to guarantee that every component of a journal entry is accurate, business transactions must be recorded in line with the accounting equation. The accounting equation basically looks like this:

Liabilities plus shareholder equity equal assets.

$500 is taken out of inventory and $500 is put back into accounts payable.

Below is a more detailed explanation of the asset, liability, and shareholders' equity parts of the accounting equation, noting the various accounts that might be included in each one. In the balance sheet, where the total of all assets always equals the total of the liabilities and shareholders' equity sections, you can observe this link between assets, liabilities, and shareholders' equity.

To learn more about Accounting Equation from the given link.

https://brainly.com/question/24401217

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