Business, 22.04.2020 03:33 strongl3219
Genesis Company buys equipment for $900 on credit. This transaction will immediately affect: a) the income statement only. b) income statement, retained earnings statement, and balance sheet. c) income statement and retained earnings statement only. d) balance sheet only.
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Answer from: jjace0016
D. balance sheet only
Explanation: The transaction will immediately affect the "balance sheet only" not the income statement or retained earnings.
Balance sheet shows the business net worth. Balance sheet shows the financial position of a business listing the liabilities and assets and owners equity at a particular time.
So Genesis buying a new equipment on credit will show in its balance sheet.
Answer from: Quest
Ican’t u with this question
Answer from: Quest
answer blank(1).(2); sharpe;
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Genesis Company buys equipment for $900 on credit. This transaction will immediately affect: a) the...
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