Question 1

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Received and immediately paid repair bill.

Accepted Answer

The transaction involves paying a repair bill, which decreases an asset (cash) and increases an expense (repair expense).

Question 2

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Purchased equipment on account.

Accepted Answer

Purchasing equipment on account increases an asset (the equipment) and increases a liability (the payable account).

Question 3

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Billed customers for services rendered.

Accepted Answer

Billed customers for services rendered increases an asset (accounts receivable) and increases revenue.

Question 4

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Made partial payment for equipment purchased in transaction 4

Accepted Answer

The partial payment for equipment decreases cash (an asset) and decreases the liability (accounts payable) associated with the equipment purchase.

Question 5

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Collected amounts due from customers billed in transaction 5

Accepted Answer

The answer of Match each of the numbered transactions of...

Question 6

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Borrowed money from bank, giving a note.

Accepted Answer

Borrowing money from a bank increases the asset (cash) and also increases the liability (note payable).

Question 7

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Paid cash dividends.

Accepted Answer

The answer of Match each of the numbered transactions of...

Question 8

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases
-Paid employees' salaries.

Accepted Answer

The answer of Match each of the numbered transactions of...

Question 9

Prepare a horizontal worksheet with the following column headings for Mast Printers, Inc., which began business on January 1: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Printing Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Record the following January transactions. Total all columns to show that assets equal liabilities plus stockholders' equity as of January 31.
(1) Shareholders purchased $90,000 in stock.
(2) Paid rent for the month, $1,100.
(3) Purchased equipment for $30,000, giving a note payable for $30,000.
(4) Purchased supplies on account, $5,000.
(5) Billed clients for services rendered, $19,000.
(6) Paid salaries for the month, $7,800.
(7) Paid $4,000 on account for supplies purchased in transaction (4).
(8) Collected $8,700 from clients previously billed.
(9) Paid utilities for the month, $490.
(10) Paid $5,800 cash dividends.

Accepted Answer

The answer of Prepare a horizontal worksheet with the following...

Question 10

United Delivery, Inc. began business on June 1. Prepare a horizontal worksheet with the following column headings: Cash; Accounts Receivable; Prepaid Rent; Supplies; Delivery Equipment; Accounts Payable; Unearned Delivery Fees; Common Stock; Dividends; Delivery Fees Earned; Salaries Expense; and Rent Expense. Show how the June transactions affect the accounting equation. Total all columns to show that assets equal liabilities plus stockholders' equity.

Accepted Answer

The answer of United Delivery, Inc. began business on June...

Question 11

Best Graphics began business on May 1. Prepare a horizontal worksheet with the following column headings: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Show how the May transactions affect the accounting equation. Total all columns to show that assets equal liabilities plus stockholders' equity.

Accepted Answer

The answer of Best Graphics began business on May 1....

Quiz 2: Processing Accounting Information

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Received and immediately paid repair bill.

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Purchased equipment on account.

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Billed customers for services rendered.

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Made partial payment for equipment purchased in transaction 4

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Collected amounts due from customers billed in transaction 5

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Borrowed money from bank, giving a note.

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Paid cash dividends.

Match each of the numbered transactions of a corporation with the appropriate letters, indicating the effect of the transactions (increases and decreases -Paid employees' salaries.