1. debit refers to the right side of the t-account, and credit refers

1. Debit refers to the right side of the T-account, and credit refers to the left side.  

 

        True 

        False    

 

2. A chart of accounts is the book holding all of the company’s accounts.  

 

        True 

        False 

 

3. A business renders service to a client and sends out a sales invoice.  The amount will be collected from the customer at a later time. Which of the following would be TRUE at the time when the invoice is sent out? 

 

        Owner’s equity will decrease.

        Total liabilities will increase.

        Total assets will decrease.

        Net income will increase. 

 

4. Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year.  What amount of drawings was made? 

 

        $18,000

        $ 8,000   

        $ 5,000

        $60,000 

 

5. A business settles a liability by making a payment with cash. How does paying this liability affect the accounting equation?

 

        Assets decrease; liabilities decrease.

        Liabilities decrease; owner’s equity increases.

        Assets increase; liabilities increase.

        Assets increase; liabilities decrease. 

 

6. The following transactions have been journalized and posted to the proper accounts.

 

• Mark Call invested $7,000 cash in his new design services business. 

• The business paid the first month’s rent of $700. 

• The business purchased equipment by paying $2,000 cash and executing a note payable for $4,500. 

• The business purchased supplies for $850 cash. 

• The business billed a client for $4,000 of design services completed. 

• The business received $3,000 of the account for the completed services. 

 

What is the balance in Cash?

 

        $7,850

        $6,450   

        $8,450

        $8,150

        None of these is correct

 

7. By definition, which of the following represents the owners of a corporation?  

 

        Customers

        Creditors

        Stockholders

        Employees 

 

8. An account that normally has a debit balance may occasionally have a credit balance

 

        True 

        False 

 

9. The business receives cash from a customer that is owed to the company “on account,” based on services rendered to the customer previously. How does the collection of the cash affect the accounting equation? 

 

        Assets increase; owner’s equity increases.

        Assets increase; liabilities increase.

        One asset increases; one asset decreases.

        Assets decrease; owner’s equity decreases. 

 

10. Which of the following accounts decreases with a credit? 

 

        Cash

        Capital

        Accounts payable

        Notes Payable

 

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Paper Helper has assembled a team of highly skilled writers with diverse experience in the online writing circles. Our aim is to become a one stop shop for all your Academic/ online writing. Check out below our amazing service!

Essays

Essay Writing Services

At Paper Helper, we prioritize on all aspects that creates a good grade such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines. The principal purpose of essay writing is to present the author's evaluation concerning a singular subject about which they have made. Since Professionalism is the mother of every success, try our team of experienced writers in helping you complete your essays and other assignments.

Admissions

Admission Papers

You have been trying to join that prestigious institution you long yearned for, but the hurdle of an admission essay has become a stumbling block. We have your back, with our proven team that has gained invaluable experience over time, your chance of joining that institution is now! Just let us work on that essay.How do you write an admission essay? How do you begin the essay? For answers, try Quality Custom Writers Now!

Editing

Editing and Proofreading

Regardless of whether you're pleased with your composing abilities, it's never an impractical notion to have a second eye go through your work. The best editing services leaves no mistake untouched. We recognize the stuff needed to polish up a writing; as a component of our editing and proofreading, we'll change and refine your write up to guarantee it's amazing, and blunder free. Our group of expert editors will examine your work, giving an impeccable touch of English while ensuring your punctuation and sentence structures are top-notch.

Coursework

Technical papers

We pride ourselves in having a team of clinical writers. The stringent and rigorous vetting process ensures that only the best persons for job. We hire qualified PhD and MA writers only. We equally offer our team of writers bonuses and incentives to motivate their working spirit in terms of delivering original, unique, and informative content. They are our resources drawn from diverse fields. Therefore your technical paper is in the right hands. Every paper is assessed and only the writers with the technical know-how in that field get to work on it.

Coursework

College Essay Writing

If all along you have been looking for a trustworthy college essay service provider that provides superb academic papers at reasonable prices, then be glad that you search has ended with us. We are your best choice! Get high-quality college essay writing from our magnificent team of knowledgeable and dedicated writers right now!

Coursework

Quality Assignment/Homework Help

We give the students premium quality assignments, without alarming them with plagiarism and referencing issues. We ensure that the assignments stick to the rules given by the tutors. We are specific about the deadlines you give us. We assure you that you will get your papers well in advance, knowing that you will review and return it if there are any changes, which should be incorporated.

togel macau togel terbesar bocoran admin jarwo data macau