Question 1

Determine the ending owner's equity of a business having a beginning owner's equity of $9,500, additional investments of $450 withdrawals of $1,000, and net income of $1,400.
$ ________

Accepted Answer

The answer of Determine the ending owner's equity of a...

Question 2

Determine the beginning owner's equity of a business having an ending owner's equity of $3,500, additional investments of $600 withdrawals of $500, and net loss of $750.
$ ________

Accepted Answer

The answer of Determine the beginning owner's equity of a...

Question 3

Wages Expense appears on the balance sheet.

Accepted Answer

Wages Expense is an income statement account, not a balance sheet account. It records the amount of wages paid to employees during a specific period of time.

Question 4

Determine the beginning owner's equity of a business having beginning assets of $10,000, ending liabilities of $5,000. During the year the liabilities decreased by $1,000.
$ ________

Accepted Answer

The answer of Determine the beginning owner's equity of a...

Question 5

Accounts Payable appears on the income statement.

Accepted Answer

Accounts Payable is a liability account and does not appear on the income statement. It appears on the balance sheet.

Quiz 2: Debits and Credits: Analyzing and Recording Business Transactions

Determine the ending owner's equity of a business having a beginning owner's equity of $9,500, additional investments of $450 withdrawals of $1,000, and net income of $1,400. $ ________

Determine the beginning owner's equity of a business having an ending owner's equity of $3,500, additional investments of $600 withdrawals of $500, and net loss of $750. $ ________

Wages Expense appears on the balance sheet.

Determine the beginning owner's equity of a business having beginning assets of $10,000, ending liabilities of $5,000. During the year the liabilities decreased by $1,000. $ ________

Accounts Payable appears on the income statement.