Completing Business Transactions in the Ac counting Equation
Authored by Shannon Beane
Business
10th - 12th Grade
Used 10+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Purchased office equipment with cash.
Which accounts are affected & how?
Cash in Bank (-)
Business Equipment(+)
Cash in Bank (+)
Accounts Receivable (+)
Cash in Bank (+)
Business Equipment (+)
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Received cash for repair services
(at the time the services were completed).
Which accounts are affected & how?
Cash in Bank (-)
Business Equipment(+)
Richard Tang, Capital (+)
Accounts Receivable (+)
Cash in Bank (+)
Richard Tang, Capital (+)
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Bought video equipment on account.
Which accounts are affected & how?
Cash in Bank (-)
Business Equipment(+)
Business Equipment (+)
Accounts Receivable (+)
Accounts Payable (+)
Business Equipment (+)
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The owner, Richard Tang, invests $30,000 into the business checking account.
Which accounts are affected & how?
Cash in Bank (-)
Richard Tang, Capital (+)
Cash in Bank (+)
Richard Tang, Capital (+)
Accounts Payable (+)
Richard Tang, Capital (+)
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Performed repair services and the customer agreed to pay later (on account)
Which accounts are affected & how?
Cash in Bank (-)
Accounts Payable (-)
Richard Tang, Capital (+)
Accounts Receivable (+)
Cash in Bank (+)
Richard Tang, Capital (+)
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Business sold old video equipment on account to a client
Which accounts are affected & how?
Cash in Bank (-)
Accounts Payable (-)
Richard Tang, Capital (+)
Accounts Receivable (+)
Business Equipment (-)
Accounts Receivable (+)
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Richard Tang transferred office equipment to the business
Which accounts are affected & how?
Cash in Bank (-)
Accounts Payable (-)
Richard Tang, Capital (+)
Business Equipment (+)
Cash in Bank (+)
Richard Tang, Capital (+)
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