Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name. Depreciation Expense Choose. Accounts Receivable Choose. + Owner Capital Choose. + Cash Choose. + Unearned revenue Choose. +

Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name. Depreciation Expense Choose. Accounts Receivable Choose. + Owner Capital Choose. + Cash Choose. + Unearned revenue Choose. +

Name: Match the account type (Asset, Liability, Equity, Revenues,Expenses)
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Description: Match the account type (Asset, Liability, Equity, Revenues,Expenses) with the account name.Depreciation ExpenseChoose. +Accounts ReceivableChoose. +Owner CapitalChoose.CashChoose. +Unearned revenueChoose. +

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Match the account type (Asset, Liability, Equity, Revenues,
Expenses) with the account name.
Depreciation Expense
Choose. +
Accounts Receivable
Choose. +
Owner Capital
Choose.
Cash
Choose. +
Unearned revenue
Choose. +

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What is the owner’s right to the assets (claims to the assets) of the business called? Group of answer choices cash revenue accounts receivable owner’s equity or capital
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Please categorize all
Best choice
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.