Use the numbers to identify which accounts are involved in the transaction and the letters to identify which account group they are in. Also, use ( + ) to indicate an increase or ( - ) to indicate a decrease to the account group A. Assets L. Liabilities S. Shareholders' Equity D. Dividend R. Revenue1.Cash 2. Accounts Receivable 3. Prepaid Rent 4.Equipment 5.Accounts Payable 6.Common Stock 7.Dividends 8.Service Revenue 9.Salaries Expense 10.Utilities Expense Categories Accounts Ex Stockholders invested $20,000 cash in the businessA+S+16Prepared rent for 3 months $2000 3. Received $500 in cash for services performed 4. Paid salaries of employees totaling $3000 5. Declared and paid cash dividend to stockholders $500 6. Paid what was owed from #2 above 7. Performed services and billed customer for $500 8. Received and paid electric bill of $425 9. Collected $200 in cash from accounts receivable 10. Paid $1500 for one year insuarance policy

Any amount of money spent to generate the revenues in a business is known as expenses. Revenue is…

Answered: Use the numbers to identify which…

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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Use the numbers to identify which accounts are involved in the transaction and the letters to identify which account group they are in. Also, use ( + ) to indicate an increase or ( - ) to indicate a decrease to the account group A. Assets L. Liabilities S. Shareholders' Equity D. Dividend R. Revenue

1.Cash 2. Accounts Receivable 3. Prepaid Rent 4.Equipment 5.Accounts Payable 6.Common Stock 7.Dividends 8.Service Revenue 9.Salaries Expense 10.Utilities Expense

Categories Accounts

Ex Stockholders invested $20,000 cash in the business	A+	S+	1	6
Prepared rent for 3 months $2000
3. Received $500 in cash for services performed
4. Paid salaries of employees totaling $3000
5. Declared and paid cash dividend to stockholders $500
6. Paid what was owed from #2 above
7. Performed services and billed customer for $500
8. Received and paid electric bill of $425
9. Collected $200 in cash from accounts receivable
10. Paid $1500 for one year insuarance policy

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