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Unformatted text preview: Homework: Chapter1 Homework «I 0" 9° 0° 0" o” o“ 0" 0° 0 0 r I» 31-13 (book/static) Exercise Score: 1 of 1 pt Assignment Score: 53.33% (8 of 15 pts) 8 of 13 complete Presented here are nine transactions and the analysis used to account for them. Evaluate each of the suggested accounting treatments and indicate whether it is true or false. Received cash of $41 ,000 from the stockholders, who Answer: Increase asset, increase stockholders' equity. bought stock in the business. True Paid $600 cash to purchase supplies. Answer: Increase asset, increase stockholders' equity. False Earned service revenue on account, $1,200. Answer: Increase asset, increase retained earnings. True Purchased office furniture on account at a cost of . $450 Answer: Increase asset, increase liability. True Received cash on account, $1,500. Answer: Increase asset, decrease asset. True Paid cash on account, $175. Answer: Increase asset, increase liability. False Sold land for $68,000 cash, which was the cost of the . la n d Answer: Increase asset, decrease asset. True Performed services and and received cash of $825. Answer: Increase asset, increase revenue. True Paid monthly office rent of $1,500. Answer: Decrease asset, increase stockholders' equity. False Question is complete. All parts showing Try Again I l:l ...
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  • Spring '08
  • levin

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