Reporting equity: summary activity

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4 Terms

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<p>What do you say?</p><ul><li><p>To enhance your services, you could explore leasing options for the item you want to purchase. Leasing allows you to use the item while making regular payments, avoiding the need for a capital contribution.</p></li><li><p>It’s great that you’re looking to improve your services! In this situation, one option would be to make a capital contribution to the business, which can help fund the purchase of the item.</p></li><li><p>In this case, you should consider taking out a loan to finance the purchase. By borrowing funds, you can acquire the item and gradually repay the loan over time.</p></li></ul><p></p>

What do you say?

  • To enhance your services, you could explore leasing options for the item you want to purchase. Leasing allows you to use the item while making regular payments, avoiding the need for a capital contribution.

  • It’s great that you’re looking to improve your services! In this situation, one option would be to make a capital contribution to the business, which can help fund the purchase of the item.

  • In this case, you should consider taking out a loan to finance the purchase. By borrowing funds, you can acquire the item and gradually repay the loan over time.

It’s great that you’re looking to improve your services! In this situation, one option would be to make a capital contribution to the business, which can help fund the purchase of the item.

<p>It’s great that you’re looking to improve your services! In this situation, one option would be to make a capital contribution to the business, which can help fund the purchase of the item. </p>
2
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<p>How do you record his capital contribution?</p><ul><li><p>Debit the asset account and credit the equity account</p></li><li><p>Debit the equity account and credit the liabilities account</p></li><li><p>Debit the liabilities account and credit the assets account.</p></li></ul><p></p>

How do you record his capital contribution?

  • Debit the asset account and credit the equity account

  • Debit the equity account and credit the liabilities account

  • Debit the liabilities account and credit the assets account.

Debit the asset account and credit the equity account

<p>Debit the asset account and credit the equity account </p>
3
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<p>How do you record his withdrawal from the cash account?</p><ul><li><p>Credit the owner’s draw by $8,000 and debit the cash account by $8,000</p></li><li><p>Credit the owner’s draw $8,000 only</p></li><li><p>Debit the owner’s draw by $8,000 and credit the cash account by $8,000</p></li><li><p>Debit the owner’s draw $8,000 only</p></li></ul><p></p>

How do you record his withdrawal from the cash account?

  • Credit the owner’s draw by $8,000 and debit the cash account by $8,000

  • Credit the owner’s draw $8,000 only

  • Debit the owner’s draw by $8,000 and credit the cash account by $8,000

  • Debit the owner’s draw $8,000 only

Debit the owner’s draw by $8,000 and credit the cash account by $8,000

<p>Debit the owner’s draw by $8,000 and credit the cash account by $8,000 </p>
4
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