chapter 2 practice key.doc

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chapter 2 practice activity  Key   1. On December 1, 20--, Geneva Jordan opened her new business with the following assets and liabilities.  Complete the accounting equation for the firm.      Assets $_______ = Liabilities $_______ + Owner's Equity $_______    Assets $37,400 = Liabilities $16,600 + Owner's Equity $20,800   Learning Objective: 2-2 Level: Medium Price - 002 Analyzing... #60 Section: 2   2. During October a firm had the following transactions involving revenue and expenses. Did the firm earn a net income or incur a net loss for the period? What was the amount?  Paid $1200 for rent. Provided services for $2,750 in cash. Paid $250 for telephone service. Provided services for $1,900 on credit. Paid salaries of $1,675 to employees. Paid $350 for office cleaning service.    Net income; $1,175   Learning Objective: 2-4 Level: Easy Price - 002 Analyzing... #61
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