Effects of Transaction to the Balance Sheet

Choose the effect of the transaction:

Purchased equipment on credit.

• + Asset + Liability

• +Asset - Liability

• -Asset + Liability

• -Asset + Liability

Choose the effect of the transaction:

Sold equipment by cash worth $1000

• + 1000 Cash + 1000 Equipment

• +1000 Bank + 1000 Equipment

• + 1000 Cash + 1000 Bank

• None of the Above

Choose the effect of the transaction:

Owner withdrew $50 for his vacation

• + 50 Cash + 50 Capital

• -50 Cash - 50 Capital

• -50 Bank - 50 Capital

• None of the Above

Choose the effect of the transaction:

Paid the trade payable by check $50.

• + 50 Bank - 50 Trade Payable

• -50 Cash - 50 Trade Payable

• -50 Bank - 50 Trade Payable

• None of the Above

Choose the effect of the transaction:

The owner started a business and invested his cash $50 and an Equipment $50 with a trade payable of $5.00

• +50 Cash +45 Equipment + 95 Capital

• +50Cash + 50 Equipment + 5 Trade Payable + 50 Capital

• +50Cash + 50 Equipment + 5 Trade Payable + 100 Capital

• None of the Above

Choose the effect of the transaction:

Received $50 from a customer in the business' receivable.

• +50 Cash + 50 Trade Receivable

• +50Cash + 50 Trade Receivable

• +50Cash -50 Trade Receivable

• None of the Above

Choose the effect of the transaction:

Borrowed $50 from the bank

• +50 Cash + 50 Bank Loan

• +50Cash + 50 Loan

• +50Cash -50 Bank Loan

• None of the Above

Choose the effect of the transaction:

Acquired a company car by cheque $50000

• +50000 Vehicle + 50000 Bank

• +50000 Vehicle + 50000 Cash

• +50000 Vehicle -50000 Bank

• None of the Above

Choose the effect of the transaction:

Withdrew cheque for business' use $50.

• +50 Bank - 50Cash

• -50 Cash +50 Bank

• +50Cash -50Bank

• None of the Above

Choose the effect of the transaction:

Transferred cash $50 to business's bank account

• +50 Bank - 50Cash

• -50 Cash +50 Bank

• +50Cash -50Bank

• None of the Above