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Business
Accounting
assets, liabilities and equity accounts.

assets, liabilities and equity accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Directions: Write (+) if there is an increase, (-) if there is a decrease, or NE if there is no effect on the assets, liabilities and equity accounts. Write your answers on a separate sheet of paper. Liability Owner's Equity Transactions Asset 1. Invested cash in the business 2. Purchased equipmnent on a cash basis 3. Billed a customer for a spa service 4. Paid employee's salary 5. Purchased supplies on account 6. Paid an advertisement for the company's new product 7. Paid the rent in advance 8. Received cash from customers 9. Withdrew cash for some personal use 10. Invested a vehicle on the company
Transcribed Image Text:Directions: Write (+) if there is an increase, (-) if there is a decrease, or NE if there is no effect on the assets, liabilities and equity accounts. Write your answers on a separate sheet of paper. Liability Owner's Equity Transactions Asset 1. Invested cash in the business 2. Purchased equipmnent on a cash basis 3. Billed a customer for a spa service 4. Paid employee's salary 5. Purchased supplies on account 6. Paid an advertisement for the company's new product 7. Paid the rent in advance 8. Received cash from customers 9. Withdrew cash for some personal use 10. Invested a vehicle on the company
Directions: Classify each account according to its category. Put a check (V) on the right column where each item belongs. Write your answers on a separate sheet of paper. Account Assets Liabilities Title Owner's Revenue Non- Expenses Non- Current Current Equity Current Current Assets Liabilities Assets Liabilities 1. Cash 2. Accounts Payable 3. Building 4. Mortgage Payable 5. Service Revenues 6. Accounts Receivable 7. Salaries Expense 8. Inventory 9. Rent Expense 10. Unearned Service Revenue
Transcribed Image Text:Directions: Classify each account according to its category. Put a check (V) on the right column where each item belongs. Write your answers on a separate sheet of paper. Account Assets Liabilities Title Owner's Revenue Non- Expenses Non- Current Current Equity Current Current Assets Liabilities Assets Liabilities 1. Cash 2. Accounts Payable 3. Building 4. Mortgage Payable 5. Service Revenues 6. Accounts Receivable 7. Salaries Expense 8. Inventory 9. Rent Expense 10. Unearned Service Revenue
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