Identify the impact(s) of the following event on the accounting equation from the named company's...
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Accounting
Identify the impact(s) of the following event on the accounting equation from the named company's point of view by checking all applicable responses for the transaction (mark at least 2 responses for each transaction, unless the correct response is "No entry"):
1.WiTek Corp. records cash sales of a newly-invented home security device for which it is unable to predict future returns, which could potentially be significant.
2.King Builders, which uses the percentage-of-completion method, records construction labor and materials costs incurred on account for a multi-year project.
3.Armstrong had, during the current period, written off uncollectible accounts in an amount that exceeded its Allowance balance; Armstrong is now recording the adjusting entry for bad debts at the end of the period.
4.Juicy Juice records the factoring of some of its receivables without recourse (ignore any holdback).
5.Apple, Inc. records collection from customers for extended warranties associated with purchase of new phones.
Check All That Apply
Assets UP
Assets DOWN
Liabilities UP
Liabilities DOWN
Equity UP
Equity DOWN
No entry
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