Explain how each of the events would affect the accounting equation by writing the letter I for…


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Explain how each of the events would affect the accounting equation by writing the letter I for… 1 answer below » Effect of events on the accounting equation and careers in accounting Olive Enterprises experienced the following events during 2010. 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required a. Explain how each of the events would affect the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for does not affect under each View complete question » Effect of events on the accounting equation and careers in accounting Olive Enterprises experienced the following events during 2010. 1. Acquired cash from the issue of common stock. 2. Paid cash to reduce the principal on a bank note. 3. Sold land for cash at an amount equal to its cost. 4. Provided services to clients for cash. 5. Paid utilities expenses with cash. 6. Paid a cash dividend to the stockholders. Required a. Explain how each of the events would affect the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for does not affect under each of the components of the accounting equation. The first event is shown as an example. Stockholders’ Equity Event Number Assets = Liabilities + Common Stock + Retained Earnings 1. I NA I NA b. Sarah Culver audited Olive Enterprise’s financial statements and provided assurances that the statements were prepared in accordance with GAAP. Sarah holds only one professional certification. Which certification to you expect Sarah holds? Explain why you chose this certification. View less » Jul 24 2014 07:51 AM

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