Question 1

When a business sells services for cash,assets increase and revenue ___________________.

Accepted Answer

The answer of When a business sells services for cash,assets...

Question 2

When the owner writes a company check to pay the firm's electric bill,

Accepted Answer

A)  assets and owner's equity increase. 
B)  assets decrease and expenses increase. 
C)  assets and liabilities decrease. 
D)  expenses increase and owner's equity increases. 
A)  assets and owner's equity increase. 
B)  assets decrease and expenses increase. 
C)  assets and liabilities decrease. 
D)  expenses increase and owner's equity increases.

Question 3

The property that a business owns is referred to as its ___________________.

Accepted Answer

The answer of The property that a business owns is...

Question 4

On September 1,Shawn Dahl established Whitewater Rentals,a canoe and kayak rental business.The following transactions occurred in the month of September and affected the following accounts:   Transactions
1.Shawn Dahl invested $45,000 in cash to open the business
2.Paid $12,700 in cash for the purchase of kayak and canoe equipment
3.Paid $1,050 in cash for rent expense
4.Purchased additional kayak and canoe equipment for $3,800 on credit
5.Received $3,900 in cash for kayak rentals
6.Rented canoes and kayaks for $1,200 on account
7.Purchased office equipment for $125 in cash
8.Received $800 in cash from credit clients
9.Shawn Dahl withdrew $1,500 in cash for personal expenses
Based on the information shown above,what is the balance of Accounts Receivable for Whitewater Rentals at the end of September?

Accepted Answer

The balance of Accou

Question 5

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction.   Purchased a computer for cash

Accepted Answer

plus Equip

Question 6

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction.   Performed services for cash

Accepted Answer

plus Cash;

Question 7

If assets are $17,000 and owner's equity is $10,000,liabilities are ___________________.

Accepted Answer

The answer of If assets are $17,000 and owner's equity...

Question 8

Amounts that a business must pay in the future are known as

Accepted Answer

A)  accounts receivable. 
B)  accounts payable. 
C)  capital. 
D)  expenses. 
A)  accounts receivable. 
B)  accounts payable. 
C)  capital. 
D)  expenses.

Question 9

On December 1,2016,Geneva Jordan opened her new business with the following assets and liabilities.Complete the accounting equation for the firm.   Assets $________ = Liabilities $________ + Owner's Equity $________

Accepted Answer

Assets $37,400 = Lia

Question 10

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction.   Paid cash for utilities

Accepted Answer

plus Expen

Question 11

The balance sheet shows each of the following except the:

Accepted Answer

A)  net income of the business. 
B)  amount and types of property the business owns. 
C)  owner's interest. 
D)  amount owed creditors. 
A)  net income of the business. 
B)  amount and types of property the business owns. 
C)  owner's interest. 
D)  amount owed creditors.

Question 12

A double line drawn under the figures in a money column shows that the computation is complete.

Accepted Answer

A) True 
 B)False

Question 13

When the owner invests cash in a business,

Accepted Answer

A)  assets and revenue increase. 
B)  assets increase and owner's equity decreases. 
C)  liabilities decrease and owner's equity increases. 
D)  assets and owner's equity increase. 
A)  assets and revenue increase. 
B)  assets increase and owner's equity decreases. 
C)  liabilities decrease and owner's equity increases. 
D)  assets and owner's equity increase.

Question 14

The figure below shows the transactions for Sawyer Architecture Services during June.Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1).   Prepare the balance sheet for Sawyer Architecture Services as of June 30,2016.

Accepted Answer

The answer of The figure below shows the transactions for...

Question 15

When revenue and expenses are equal,the firm is said to ___________________.

Accepted Answer

The answer of When revenue and expenses are equal,the firm...

Question 16

The statement of ____________________ reports the changes that have occurred in the owner's financial interest during the reporting period.

Accepted Answer

The answer of The statement of ____________________ reports the changes...

Question 17

The owner's investment or equity in a business is called

Accepted Answer

A)  cash. 
B)  drawing. 
C)  capital. 
D)  accounts payable. 
A)  cash. 
B)  drawing. 
C)  capital. 
D)  accounts payable.

Question 18

If a business issued a check for $1,000 to pay for two months rent in advance,analyze the effect on the firms' assets,liabilities and owner's equity.

Accepted Answer

A)  Cash will increase 
B)  Accounts Payable will decrease 
C)  Prepaid Rent will increase 
D)  Owner's Capital will increase 
A)  Cash will increase 
B)  Accounts Payable will decrease 
C)  Prepaid Rent will increase 
D)  Owner's Capital will increase

Question 19

Owner's equity is:

Accepted Answer

A)  the amount taken out of a business by the owner for personal use. 
B)  the financial interest of the owner of a business. 
C)  the amount the owner owes the business. 
D)  the revenues less the expenses. 
A)  the amount taken out of a business by the owner for personal use. 
B)  the financial interest of the owner of a business. 
C)  the amount the owner owes the business. 
D)  the revenues less the expenses.

Question 20

Identify the type of accounts that would appear on a firm's income statement

Accepted Answer

A)  assets and liabilities. 
B)  revenues and expenses. 
C)  assets and revenues. 
D)  liabilities and expenses. 
A)  assets and liabilities. 
B)  revenues and expenses. 
C)  assets and revenues. 
D)  liabilities and expenses.

Exam 2: Analyzing Business Transactions

When a business sells services for cash,assets increase and revenue ___________________.

When the owner writes a company check to pay the firm's electric bill,

The property that a business owns is referred to as its ___________________.

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction. Purchased a computer for cash

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction. Performed services for cash

If assets are $17,000 and owner's equity is $10,000,liabilities are ___________________.

Amounts that a business must pay in the future are known as

On December 1,2016,Geneva Jordan opened her new business with the following assets and liabilities.Complete the accounting equation for the firm. Assets $________ = Liabilities $________ + Owner's Equity $________

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction. Paid cash for utilities

The balance sheet shows each of the following except the:

A double line drawn under the figures in a money column shows that the computation is complete.

When the owner invests cash in a business,

The figure below shows the transactions for Sawyer Architecture Services during June.Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1). Prepare the balance sheet for Sawyer Architecture Services as of June 30,2016.

When revenue and expenses are equal,the firm is said to ___________________.

The statement of ____________________ reports the changes that have occurred in the owner's financial interest during the reporting period.

The owner's investment or equity in a business is called

If a business issued a check for $1,000 to pay for two months rent in advance,analyze the effect on the firms' assets,liabilities and owner's equity.

Owner's equity is:

Identify the type of accounts that would appear on a firm's income statement

Accounting: the Language of Business

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters

On December 1,2016,Geneva Jordan opened her new business with the following assets and liabilities.Complete the accounting equation for the firm. Assets $ = Liabilities $ + Owner's Equity $