Tess's Nail Bar Had the Following Transactions During the Month

question 49

Essay

Tess's Nail Bar had the following transactions during the month of May. Indicate the effect of each transaction upon the total assets of the business by one of the following phrases: increased total assets, decreased total assets, or no change in total assets.
(a) Purchased additional equipment on account.
(b) Purchased supplies for cash.
(c) Borrowed money from the bank.
(d) Paid the monthly utility bill.
(e) Collected an accounts receivable.
(f) Tess, the owner, withdrew cash from the business for personal use.

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Definitions:

Manager

A manager is an individual responsible for directing and overseeing the work of a group of people, making decisions, and ensuring that tasks are completed efficiently and effectively.

Organizational Charts

Visual diagrams that show the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Flowcharts

Diagrams that depict the sequence or steps involved in a process, using symbols and arrows to show the flow of operations.

Bar Chart

A graphical display of data using bars of different lengths to represent values.