week 1 quiz - 9. Question : Which of the following accounts...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
 1. Question : Cash is collected from a customer who was previously put on account. How does the collection of the cash affect the  accounting equation?                2. Question : A business pays $500 cash for supplies. Which of the following occurs?                3. Question : A bill is received for services rendered this month. It will be paid next month. How does receiving this bill affect the  accounting equation?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
               4. Question : Assets are $270,000 and owner's equity is $90,000. What would liabilities be?                5. Question : A $5, 000 account receivable is collected. How is the accounting equation affected?          
Background image of page 2
     6. Question : Which of the following is a correct accounting equation?                7. Question : Services are performed. Payment is expected next month. How does this affect the accounting equation?              
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
 8. Question : Owner's equity is $150,000 and total liabilities are $90,000. What would total assets be?
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
Background image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 9. Question : Which of the following accounts is NOT an example of a liability? 10. Question : Which of the following accounts decrease due to a credit? 11. Question : An owner invests $20,000 in her business by depositing the cash in the business's checking account. Which of the following occurs? 12. Question : An owner withdraws cash from his business. The cash will be used for personal purposes. Which of the following occurs? 13. Question : A business receives cash in payment of accounts receivable. Which of the following occurs? 14. Question : A business completes services for $16,000 on account. Which of the following occurs?...
View Full Document

This note was uploaded on 06/13/2011 for the course ACC 205 taught by Professor Robertcarr during the Spring '10 term at Ashford University.

Page1 / 7

week 1 quiz - 9. Question : Which of the following accounts...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online