EXERCISES For questions number 1 to 7, given the accounting transaction, indicate whether the asset, liability or owner's equity has increase or decrease or has no effect by circling the appropriate answer. 1 The owner invests personal cash in the business. (Example) Asset Increase Decrease No Effect Liability Increase Decrease No Effect Owner's Equity Increase Decrease No Effect 2 The owner withdraws cash from the business for personal use. Asset Increase Decrease No Effect Liability Increase Decrease No Effect Owner's Equity Increase Decrease No Effect 3 The company receives cash from a bank loan. Asset Increase Decrease No Effect
EXERCISES For questions number 1 to 7, given the accounting transaction, indicate whether the asset, liability or owner's equity has increase or decrease or has no effect by circling the appropriate answer. 1 The owner invests personal cash in the business. (Example) Asset Increase Decrease No Effect Liability Increase Decrease No Effect Owner's Equity Increase Decrease No Effect 2 The owner withdraws cash from the business for personal use. Asset Increase Decrease No Effect Liability Increase Decrease No Effect Owner's Equity Increase Decrease No Effect 3 The company receives cash from a bank loan. Asset Increase Decrease No Effect
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...
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![exercise for finance acc.pdf
O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf
+
(D Page view
A Read aloud
T Add text
V Draw
E Highlight
O Erase
of 4
increase
Decrease
No Effect
3 The company receives cash from a bank loan
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
4 The company repays the bank loan.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
5 The company purchases office equipment by cash.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
5:29 PM
O Type here to search
IMI
26/10/2021
ENG
(p ツ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbcb33393-f0ff-48f5-b93e-8a5c208d181b%2F6ee542c3-a09b-42e2-bbd4-570588d6cb17%2Fqa3rqab_processed.png&w=3840&q=75)
Transcribed Image Text:exercise for finance acc.pdf
O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf
+
(D Page view
A Read aloud
T Add text
V Draw
E Highlight
O Erase
of 4
increase
Decrease
No Effect
3 The company receives cash from a bank loan
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
4 The company repays the bank loan.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
5 The company purchases office equipment by cash.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
5:29 PM
O Type here to search
IMI
26/10/2021
ENG
(p ツ
![exercise for finance acc.pdf
O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf
D Page view
A Read aloud
T Add text
V Draw
E Highlight
O Erase
of 4
EXERCISES
For questions number 1 to 7, given the accounting transaction, indicate
whether the asset, liability or owner's equity has increase or decrease or
has no effect by circling the appropriate answer.
1 The owner invests personal cash in the business. (Example)
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
2 The owner withdraws cash from the business for personal use.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
3 The company receives cash from a bank loan
Asset
Increase
Decrease
No Effect
5:29 PM
O Type here to search
IMI
26/10/2021
ENG](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbcb33393-f0ff-48f5-b93e-8a5c208d181b%2F6ee542c3-a09b-42e2-bbd4-570588d6cb17%2Fcpsalgy_processed.png&w=3840&q=75)
Transcribed Image Text:exercise for finance acc.pdf
O File | C:/Users/User/Desktop/FIN%20ACC/exercise%20for%20finance%20acc.pdf
D Page view
A Read aloud
T Add text
V Draw
E Highlight
O Erase
of 4
EXERCISES
For questions number 1 to 7, given the accounting transaction, indicate
whether the asset, liability or owner's equity has increase or decrease or
has no effect by circling the appropriate answer.
1 The owner invests personal cash in the business. (Example)
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
2 The owner withdraws cash from the business for personal use.
Asset
Increase
Decrease
No Effect
Liability
Increase
Decrease
No Effect
Owner's Equity
Increase
Decrease
No Effect
3 The company receives cash from a bank loan
Asset
Increase
Decrease
No Effect
5:29 PM
O Type here to search
IMI
26/10/2021
ENG
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