Instructions: Identify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Owner's Drawing Note's Payable Office Equipment Mortgage Payable Delivery Equipment Accounts Payable Deposit for Utility DESCRIPTION OF THE ACCOUNTS Cash withdrawn by owner A written promise to pay the supplier Fax machine A loan collateral is given to the creditor Cars purchased for use in the business Money, owed to suppliers Deposit made for telephone service CLASSIFICATION

Select the banking terms from drop down to match with the correct definition. Definitions   Banking Terms a.   A check that has been paid by the bank on behalf of the depositor.   select a banking term                                                           Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b.   A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another.   select a banking term                                                           EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c.   A document provided by the bank that requires the signature of all authorized signers of checks.   select a banking term…

Accounts receivable: Multiple Choice arise from the purchase of goods or services on credit. are amounts owed to a business by its customers. will be collected within the discount period or when due. are reported on the income statement.

Which one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earned

For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan

The sales journal is used to record______.      cash      sales on account      debit transactions      credit cards

A good policy for a company for company credit cards requires: vendor receipts for all items charged receipts and reimbursement of personal expenses not authorized by company policy no personal expenses charged on the card unless authorized by company policy a and c

When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.

Your new company paid the invoice for their account with Alli's Broom Supply Company. What would your journal entry look like when you record this transaction? a) Debit Cash; Credit Accounts Payable b) Debit Cash; Credit Supplies Expense c) Debit Accounts Receivable; Credit Cash d) Debit Accounts Payable; Credit Cash

Analyze each transaction and match it with the correct journal entry as stated. Be sure to look at each transaction carefully to ensure you make the correct choice. Purchase on account some office equipment Paid for utilities expense Paid the bank back the money previously borrowed on a note Paid the telephone bill received Made a partial payment to a creditor on account Took cash out of the business to pay for a personal bill Record revenues earned, but not collected yet Record internet expenses incurred, but not paid yet Received cash for the return of some equipment that was defective Received Payment from customer on an accounts receivable Made payment to an accounts payable Paid salary for office administrator Dr. Office Equipment; Cr. Acc Dr. Utilities Expense; Cr. Casl Dr. Accounts Payable; Cr. Cas Dr. Telephone Expense; Cr. C✓ Dr. Cash; Cr. Account Receivi Dr. Accounts Payable; Cr. Ca: ✓ Dr. Internet Expense; Cr. Acc Dr. Internet Expense; Cr. Acc Dr. Cash; Cr. Account Receiv:…