Matching
Match each transaction with its effect on the accounting equation. Each letter may be used more than once.
Premises:
Received cash for services provided
Received utility bill to be paid next month
Contribution of land by stockholder
Paid part of an amount owed to a creditor
Paid cash for the purchase of supplies
Received payment from a customer on account
Payment of dividends
Provided a service to a customer on account
Purchased supplies on credit
Paid wages
Payment for common stock by stockholder
Borrowed money from a bank
Purchased equipment for cash
Received cash for providing services to customers
Used up supplies that were already on hand
Responses:
Increase assets, increase liabilities
Increase liabilities, decrease stockholders' equity
Increase assets, increase stockholders' equity
No effect
Decrease assets, decrease liabilities
Decrease assets, decrease stockholders' equity
Correct Answer:
Premises:
Responses:
Received cash for services provided
Received utility bill to be paid next month
Contribution of land by stockholder
Paid part of an amount owed to a creditor
Paid cash for the purchase of supplies
Received payment from a customer on account
Payment of dividends
Provided a service to a customer on account
Purchased supplies on credit
Paid wages
Payment for common stock by stockholder
Borrowed money from a bank
Purchased equipment for cash
Received cash for providing services to customers
Used up supplies that were already on hand
Premises:
Received cash for services provided
Received utility bill to be paid next month
Contribution of land by stockholder
Paid part of an amount owed to a creditor
Paid cash for the purchase of supplies
Received payment from a customer on account
Payment of dividends
Provided a service to a customer on account
Purchased supplies on credit
Paid wages
Payment for common stock by stockholder
Borrowed money from a bank
Purchased equipment for cash
Received cash for providing services to customers
Used up supplies that were already on hand
Responses:
Related Questions
Q36: Name and describe the four primary financial
Q37: How does the payment of rent for
Q40: Managerial accountants would be responsible for providing
Q41: Relevant and faithful representation of accounting data
Q42: If total assets decreased by $88,000 during
Q43: Financial reports that allow users to identify
Q44: Some of the major fraudulent acts by
Q72: All companies must use a calendar year
Q86: Profit is the difference between<br>A) assets and
Q139: Match each transaction with its effect on