Directions: Write (+) if there is an increase, (-) if there is a decrease, or NE if thereis no effect on the assets, liabilities and equity accounts. Write youranswers on a separate sheet of paper.LiabilityOwner's EquityTransactionsAsset1. Invested cash in the business2. Purchased equipmnent on a cash basis3. Billed a customer for a spa service4. Paid employee's salary5. Purchased supplies on account6. Paid an advertisement for thecompany's new product7. Paid the rent in advance8. Received cash from customers9. Withdrew cash for some personal use10. Invested a vehicle on the company Directions: Classify each account according to its category. Put a check (V)on the right column where each item belongs. Write your answers on a separatesheet of paper.AccountAssetsLiabilitiesTitleOwner'sRevenueNon-ExpensesNon-CurrentCurrentEquityCurrentCurrentAssetsLiabilitiesAssetsLiabilities1. Cash2. AccountsPayable3. Building4. MortgagePayable5. ServiceRevenues6. AccountsReceivable7. SalariesExpense8. Inventory9. RentExpense10.UnearnedServiceRevenue

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Answered: assets, liabilities and equity…

Business

Accounting

assets, liabilities and equity accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I. Multiple Choice Directions: Choose the letter corresponding to the correct answer for each of the questions provided below. 1. Accounts receivable or the amount to be received when a customer orders on account is an example of what account? b. Liability d. All of the above a. Asset c. Equity 2. Expenses incurred on paying utilities belong to what type of account? b. Liability d. All of the above a. Asset c. Equity 3. If Company A borrows money from company B, the transaction results to a. İncrease in asset of A and increase in asset in B b. Increase in asset of A and decrease in equity of B c. Increase in asset of A and no effect on assets of B d. Both B and C 4. Equity means assets minus liabilities. Other terms that can be used synonymously Q2with equity are the following except a. Capital b. Net assets d. Profit c. Net worth 5. Sources of legal obligation are the following except a. The law c. Debts • Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and…
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