acc1

The company purchases equipment with its cash. In this Assets will

• Increase

• Decrease

• It will decrease and increase

In June, Company X receives the $5,000. which accounts are affected at Company X?

• Assets

  Liabilities

• Assets

  Equities

• Assets will increase

• None

Using the basic accounting equation identify the missing item.Assets = 1700 Liabilities = ? Capital = 200 Retained Earnings = 500

• 1500

• 1000

• -1000

• none

Using the basic accounting equation identify the missing item.Assets = 32771 Liabilities = 39039 Capital = 100 Retained Earnings = ?

• 6368

• 6638

• -6368

• none

Rent is prepaid for an office for the business, is the accounting entry to the prepaid rent account a debit or a credit?

• Debit

• Credit

Prepaid insurance?

• Balance Sheet

• Income Statement

• Retained Earnings

• Cashflow Statements

Office equipment is purchased on account from a supplier, is the double entry to the equipment account a debit or a credit?

• Debit

• Credit

• None

Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.

• True

• False