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What would be the effect on the accounts if the business provided services to a customer...
13) A business provides services to a customer to $15.000 OR following accounts will be created...
13) A business provides services to a customer to $15.000 OR following accounts will be created Which of a Cash b. Accounts Receivable C Service Revenue d. Bank b 14) A debt that a business owes to an outside party is called: a. an asset. aliability c. stockholders' equity d. revenue. 15) Which of the following is the correct accounting equation? a. Assets + Liabilities - Equity b. Assets Liabilities + Equity c. Assets + Revenues = Equity d. Assets...
A purchase of a vehicle on credit would have what effect on the accounting equation? O...
A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click...
A corporation: O A. is owned by stockholders. O B. has limited risk to stockholders. O...
A corporation: O A. is owned by stockholders. O B. has limited risk to stockholders. O c. is legally separate from its owners. O D. All of the above. Which of the following would result if the owner withdrew cash from the business? O A. Cash would increase and Withdrawals would increase O B. Cash would increase and Capital would decrease OC. Cash would decrease and Withdrawals would increase. OD. An investment by the owner is not a business transaction....
When the owner of a business invests cash into the business, which of the following accounts...
When the owner of a business invests cash into the business, which of the following accounts is debited? O A. Common Shares OB. Accounts Receivable O C. Cash OD. Dividends Click to select your answer
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
Which of the following statements is correct regarding the effect of debits and credits in accounts?...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
Selected transactions for Allie Mane, an interior decorator, in her first month of business, are as...
Selected transactions for Allie Mane, an interior
decorator, in her first month of business, are as
follows:
Jan.
2 Invested $10,000 cash in business.
3 Purchased used car for $3,000 cash for use in business.
4 Purchased a one-year insurance policy for $1,200.
9 Purchased supplies on account for $500.
18 Paid creditor $300 cash on balance owed.
28 Withdrew $1,000 cash for personal use by owner.
For each transaction, indicate the following. January 2
transaction is given as an...
Which of the following is incorrect with regard to forming a partnership? O a. Assets contributed...
Which of the following is incorrect with regard to forming a partnership? O a. Assets contributed by partners are debited to capital accounts. Ob. Assets contributed by partners are debited to asset accounts. Oc. The Investments of each partner are recorded in separate entries. Od. Liabilities assumed by a partnership are credited to liability accounts.
13) A business provides services to a customer to $15.000 OR following accounts will be created Which of a Cash b. Accounts Receivable C Service Revenue d. Bank b 14) A debt that a business owes to an outside party is called: a. an asset. aliability c. stockholders' equity d. revenue. 15) Which of the following is the correct accounting equation? a. Assets + Liabilities - Equity b. Assets Liabilities + Equity c. Assets + Revenues = Equity d. Assets...
A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click...
A corporation: O A. is owned by stockholders. O B. has limited risk to stockholders. O c. is legally separate from its owners. O D. All of the above. Which of the following would result if the owner withdrew cash from the business? O A. Cash would increase and Withdrawals would increase O B. Cash would increase and Capital would decrease OC. Cash would decrease and Withdrawals would increase. OD. An investment by the owner is not a business transaction....
When the owner of a business invests cash into the business, which of the following accounts is debited? O A. Common Shares OB. Accounts Receivable O C. Cash OD. Dividends Click to select your answer
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
Selected transactions for Allie Mane, an interior
decorator, in her first month of business, are as
follows:
Jan.
2 Invested $10,000 cash in business.
3 Purchased used car for $3,000 cash for use in business.
4 Purchased a one-year insurance policy for $1,200.
9 Purchased supplies on account for $500.
18 Paid creditor $300 cash on balance owed.
28 Withdrew $1,000 cash for personal use by owner.
For each transaction, indicate the following. January 2
transaction is given as an...
Which of the following is incorrect with regard to forming a partnership? O a. Assets contributed by partners are debited to capital accounts. Ob. Assets contributed by partners are debited to asset accounts. Oc. The Investments of each partner are recorded in separate entries. Od. Liabilities assumed by a partnership are credited to liability accounts.
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