Show the effect of each transaction on the three basic accounting elements by indicating the dollar amount of the increase or decrease under the proper element heading. Compute the resulting accounting equation. a. Owner invested $16,500 cash in the business.
b. Paid premium for two-year insurance policy, $1,500.
c. Purchased a van valued at $35,000 with $5,000 down payment; the balance to be paid over three years.
d. Paid the rent for the month, $900.
e. Purchased $470 of supplies for cash.
f. Cash sales for the month, $8,750.
g. Billed credit customers $14,200 for monthly services.

Goods and services that can be used for the same purpose are and goods and services that are used together are

Exercise 8-6 goods in transit [lo8-2] the kwok company's inventory balance on december 31, 2016, was $190,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. goods shipped to kwok f. o.b. destination on december 20, 2016, were received on january 4, 2017. the invoice cost was $35,000. 2. goods shipped to kwok f. o.b. shipping point on december 28, 2016, were received on january 5, 2017. the invoice cost was $22,000. 3. goods shipped from kwok to a customer f. o.b. destination on december 27, 2016, were received by the customer on january 3, 2017. the sales price was $45,000 and the merchandise cost $27,000. 4. goods shipped from kwok to a customer f. o.b. destination on december 26, 2016, were received by the customer on december 30, 2016. the sales price was $25,000 and the merchandise cost $18,000. 5. goods shipped from kwok to a customer f. o.b. shipping point on december 28, 2016, were received by the customer on january 4, 2017. the sales price was $30,000 and the merchandise cost $17,000. required: determine the correct inventory amount to be reported in kwok's 2016 balance sheet.

The following cost data pertain to the operations of montgomery department stores, inc., for the month of july. corporate legal office salaries $ 75,300apparel department cost of sales"evendale store $ 97,200corporate headquarters building lease $ 50,300store manager's salary"evendale store $ 12,900apparel department sales commission"evendale store $ 11,550store utilities"evendale store $ 12,800apparel department manager's salary"evendale store $ 10,450central warehouse lease cost $ 18,600janitorial costs"evendale store $ 11,800 the evendale store is just one of many stores owned and operated by the company. the apparel department is one of many departments at the evendale store. the central warehouse serves all of the company's stores. required: 1. what is the total amount of the costs listed above that are direct costs of the apparel department? 2. what is the total amount of the costs listed above that are direct costs of the evendale store? 3. what is the total amount of the apparel department's direct costs that are also variable costs with respect to total departmental sales?