Jessica deposited $1,000 of her own cash into the business bank account.
Effects of Transactions on Accounting Equation (Part 1)

Quiz
•
Business, Other
•
9th Grade
•
Hard
Sook Theng Fong
Used 24+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Cash at bank +$1,000
Cash in hand +$1,000
Capital +$1,000
Capital -$1,000
2.
MULTIPLE SELECT QUESTION
1 min • 1 pt
The business obtained a loan of $20,000 from the bank.
Mortgage loan +$20,000
Loan from bank +$20,000
Cash at bank +$20,000
Cash in hand +$20,000
3.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Mary owns a fashion retail outlet. The business purchased dresses worth $600 by cheque.
Fixtures & Fittings +$600
Inventory +$600
Cash at bank -$600
Cash in hand -$600
4.
MULTIPLE SELECT QUESTION
1 min • 1 pt
The business sold inventory and received $200 cash. The cost of the inventory was $80.
Sales revenue +$200
Cash in hand +$200
Cash at bank +$200
Cost of sales +$80
Inventory -$80
5.
MULTIPLE SELECT QUESTION
1 min • 1 pt
The business sold $1,500 worth of inventory on credit to a customer. The cost of the inventory was $500.
Cash at bank +$1,500
Sales revenue +$1,500
Trade receivables +$1,500
Cost of sales +$500
Inventory -$500
6.
MULTIPLE SELECT QUESTION
1 min • 1 pt
A credit customer returned $300 worth of inventory of the wrong colour. The cost of the inventory was $130.
Sales revenue -$300
Trade receivable -$300
Cost of sales -$130
Inventory +$130
Sales returns +$300
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