Part A: Record the effect of each of the following sales of long-term assets on the accounting equation.Write in BOTH the correct dollar amounts and the titles of the accounts involved.

Part B: Use your answer from Part A,SALE 2. to answer the following three questions:

a. $7,472 cash from operating activities
b. $30,000 cash from operating activities
c. $7,472 cash from investing activities.
d. $30,000 cash from investing activities
e. $7,472 cash from financing activities
f. $30,000 cash from financing activities

Question

Part A: Record the effect of each of the following sales of long-term assets on the accounting equation.Write in BOTH the correct dollar amounts and the titles of the accounts involved.

Part B: Use your answer from Part A,SALE 2. to answer the following three questions:

a. $7,472 cash from operating activities
b. $30,000 cash from operating activities
c. $7,472 cash from investing activities.
d. $30,000 cash from investing activities
e. $7,472 cash from financing activities
f. $30,000 cash from financing activities

Quizplus · Accepted Answer

The Answer of Part A: Record the effect of each of the following sales of long-term assets on the accounting equation.Write in BOTH the correct dollar amounts and the titles of the accounts involved.

Part B: Use your answer from Part A,SALE 2. to answer the following three questions:

a. $7,472 cash from operating activities
b. $30,000 cash from operating activities
c. $7,472 cash from investing activities.
d. $30,000 cash from investing activities
e. $7,472 cash from financing activities
f. $30,000 cash from financing activities

Part A: Record the Effect of Each of the Following