achivmt_test_answ1 - 9th Edition Financial and Managerial...

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TEST 1A (Concluded) 9th Edition Financial and Managerial Accounting Warren/Reeve Chapter Test 1A PROBLEMS—ANALYSIS OF TRANSACTIONS— A
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INSTRUCTIONS: Indicate the effect of each of the following transactions for the current month on assets, liabilities, and owner’s equity by inserting “+” for increase and “–” for decrease in the appropriate columns at the right. Answers A L OE 0. Received cash from owner as original investment .................................... + + 0. ____ 1. Received cash for services provided (sold) ............................................... 1. ____ 2. Purchased equipment for cash .................................................................. 2. ____ 3. Paid utilities for month ................................................................................ 3. ____ For Scoring
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TEST 1A (Concluded) 4. Paid creditors on account .......................................................................... 4. ____ 5. Received cash for service sold to cash customers ................................... 5. ____ 6. Purchased land by signing a nine-month, non-interest-bearing note payable ............................................................................................... 6. ____ 7. Charged customers for service sold on account ....................................... 7. ____ 8. Paid miscellaneous expenses ................................................................... 8. ____ 9. Paid first installment due on the non-interest-bearing note payable ......... 9. ____ 10. Purchased office supplies on account ....................................................... 10. ____ 11. Paid cash to owner on withdrawal ............................................................. 11. ____
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12. Recorded cost of supplies used during the month .................................... 12. ____ FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column.
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