ADM Aassignment_1_ 20101121_CHEN LEI_10722171

ADM Aassignment_1_ 20101121_CHEN LEI_10722171 - People...

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People, Quality, Brand, Ethics Courseo Accounting for Decision Making Faculty: Prof. REN YONGPING Class: GLMBA2010 Part Time (2) Group: 4 Student Name: CHEN LEI, Erik Student ID: 107722171 Assignment: Assignment - 1 Submission Date: November 28, 2010 Faculty to Complete: Comments_________________________________________________ __________________________________________________________ Our outstanding graduates are the elite Global Local talents you can trust and work with.
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Business Ethics, People, Quality, Brand __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ ______________ Signature _____________ Date ____/____/____ Mark 1. 1. The resources owned by a business are called: -  A A .assets C. the accounting equation B. liabilities D. owner’s equity 2. If total assets increased by $20,000 during a period and total liabilities increased $12,000  during the same period, the amount and direction (increase or decrease) of the change in  owner’s equity for that period is a (n): -  C A. $32,000 increase C. $8,000 increase B. $32,000decrease D. $8,000 decrease 3.   If   revenue   was   $35,000,   expenses   were   $37,500,   and   the   owner’s   withdrawals   were  $10,000, the amount of net income or net loss would be:  - D A. $45,000 net income C. $37,500 net loss B. $7,500 net income D. $2,500 net loss 2. A debit balance in which of the following accounts would indicate a likely error?  C A. Accounts Receivable C. Fees Earned B. Cash D. Miscellaneous Expense Our outstanding graduates are the elite talents you can trust and work with. 2
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Business Ethics, People, Quality, Brand 3. Derby Co. has the following accounts in its ledger: Cash; Accounting Receivables; Supplies;  Office Equipment; Accounts Payable; Terri Burell Capital; Terri Burell Drawing; Fees Earned;  Rent Expenses; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions for March 2009 in a two-column journal. Journal  entry explanations may be omitted. Mar. 1. Paid rent for the month, $3,000 DR: Rent Expenses                  3,000.00 CR: Cash                          3,000.00 2. Paid advertising expense, $1,800 DR: Advertising Expense             1,800.00 CR: Cash                          1,800.00 5. Paid cash for supplies, $900 DR: Supplies                       900.00 CR: Cash                          900.00 6. Purchased office equipment on account, $12,300 DR: Office Equipment                12,300.00
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ADM Aassignment_1_ 20101121_CHEN LEI_10722171 - People...

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