Public
Governmental
Private
prepare the financial statements.
prepare the postclosing trial balance.
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prepare the worksheet.
journalize and post the adjusting entries.
beginning capital + net income - withdrawals + additional investments = ending capital
beginning capital + net loss + withdrawals + additional investments = ending capital
beginning capital + net loss - withdrawals + additional investments = ending capital
beginning capital + net income + withdrawals + additional investments = ending capital
the results of business operations.
all revenues and expenses.
the amount of net income or loss.
the financial position of a business at a given time.
Assets + Liabilities = Owner's Equity
Liabilities - Owner's Equity = Assets
Assets + Owner's Equity = Liabilities
Assets - Liabilities = Owner's Equity
Whether or not the business is profitable
What types of assets business owns
How long the business has been in operation
How much the business owes others
assets increase
equity increases
equity decreases
liabilities decrease
Question 8
4 / 4 pts
Al Dunn Bakery bought a new oven for $1,380. Al paid $300 as a cash down payment and will pay the balance in 30 days. Total assets increased by
$1,080
$1,380
$300
not increased
increase in liabilities
decrease in equity
increase in equity
decrease in liabilities
debit
credit
either debit or credit
Accounts Payable
Revenues
Accounts Receivable
None of the above
Question 12
4 / 4 pts
Revenues are recognized when:
cash is received
goods are sold
services are rendered
when goods are sold or services rendered
Accounts Receivable.
Accounts Payable.
Capital.
Expenses.
Question 14
4 / 4 pts
The total of the figures on the left side of a Cash account is $25,800. The total of the figures on the right side is $14,100. The balance of this account
is $11,700 and would be recorded on the right side of the account.
is $39,900 and would be recorded on the left side of the account.
is $39,900 and would be recorded on the right side of the account.
is $11,700 and would be recorded on the left side of the account.
credit balance of $3,000
debit balance of $3,000
debit balance of $5,000
credit balance of $5,000
Question 16
4 / 4 pts
Accounts Receivable has a debit balance of $8,500. Payments of $2,500 are received from credit clients. The new balance in Accounts Receivable is: (no dollar signs)
$11,000
$2,500
$6,000
$8,500
balancing.
verifying.
totaling.
footing.
Cash
Supplies
Service Fees
Utilities Expense
Capital
Accounts Payable
Cash
Supplies
Prepaid Insurance
Accounts Payable
Capital
Drawing
Utilities Expense
increases in assets.
increases in revenue.
increases in owner's equity.
increases in liabilities.
decreases in assets and owner's equity and increases in liabilities.
decreases in assets, liabilities, and owner's equity.
decreases in liabilities and increases in assets and owner's equity.
increases in liabilities and owner's equity.
What must the balance of the Capital account be for the fundamental accounting equation to balance?
debit balance of $2,000
credit balance of $2,000
credit balance of $6,000
debit balance of $4,000
What must the balance of the Capital account be for the fundamental accounting equation to balance?
debit balance of $17,000
credit balance of $18,000
credit balance of $17,000
credit balance of $16,000
What must the balance of the Drawing account be for the fundamental accounting equation to balance?
credit balance of $2,500
credit balance of $7,000
debit balance of $2,500
debit balance of $500
A
B
Credit 4,500 [Show Less]