Week 5 Finance

Received cash for providing catering services

• Decrease in asset, decrease in liability

• Increase in asset, increase in liability

• Increase in asset, increase in owner's equity

• What the finance

Paid advertising expense with cash

• Increase in asset, decrease in owner's equity

• Increase in asset, increase in owner's equity

• Decrease in asset, decrease in owner's equity

• What the finance

Purchased office furniture on account

• Decrease in asset, decrease in liability

• Increase in asset, increase in liability

• Increase in asset, decrease in owner's equity

• Justin Bieber

Owner withdrew cash for personal use

• Increase in asset, decrease in owner's equity

• Decrease in asset, decrease in owner's equity

• Increase in asset, decrease in liability

• Pizza

What entry is true if Nicole deposited $5,000 into her event business.

• Debit Cash $1000

• Credit Cash $1000

What entry is correct if Nicole's restaurant paid $1,000 on an account payable

• Debit Account Payable $1000

• Credit Account Payable $1000

What entry is correct if Nicole's Event Company purchased food inventory worth $10,000

• Debit Food Inventory $10,000

• Credit Food Inventory $10,000