Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the business has total assets of $37,500.

Equipment $16,000; Notes Payable $18,000

Equipment $18,000; Notes Payable $16,000

Equipment $19,600; Notes Payable $16,000

Equipment $16,900; Notes Payable $16,000

At the beginning of May, Golden Gopher Company reports a balance in supplies of $500. On May, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supplies remains. Record the necessary entry for May 15.

Debit Supplies $3,300; Credit Cash $3,300

Credit Supplies $500; Debit Cash $500

Debit Supplies $3,300; Credit Cash $3,800

Credit Supplies$3,800; Debit Cash $3,800

At the beginning of May, Golden Gopher Company reports a balance in supplies of $500. On May, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supplies remains. Record the necessary entry for May 31.

Debit Supplies Expense $3,500; Credit Supplies $3,500

Debit Supplies Expense $300; Credit Supplies $300

Credit Supplies Expense $3,500; Debit Supplies $3,500

Debit Supplies Expense $500; Credit Supplies $3,500

ACCTG201 CH1-3 Review

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MULTIPLE CHOICE QUESTION

10 sec • 1 pt

True or False.
Accounting can be defined as the language of business

True

False

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

True or False.
Accounting can be defined as a measurement/communication process.

True

False

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

True or False.
Accounting can be defined as a mathematics course.

True

False

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Select the business activity that corresponds to the transaction.
Transaction: Borrow from the bank

Operating

Investing

Financing

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Select the business activity that corresponds to the transaction.
Transaction: Provide services to customers

Operating

Investing

Financing

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Select the business activity that corresponds to the transaction.
Transaction: Issue common stock to investors

Operating

Investing

Financing

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Select the business activity that corresponds to the transaction.
Transaction: Purchase land

Operating

Investing

Financing

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ACCTG201 CH1-3 Review

True or False.
Accounting can be defined as the language of business

True or False.
Accounting can be defined as a measurement/communication process.

True or False.
Accounting can be defined as a mathematics course.

Select the business activity that corresponds to the transaction.
Transaction: Borrow from the bank

Select the business activity that corresponds to the transaction.
Transaction: Provide services to customers

Select the business activity that corresponds to the transaction.
Transaction: Issue common stock to investors

Select the business activity that corresponds to the transaction.
Transaction: Purchase land

Select the business activity that corresponds to the transaction.
Transaction: Pay rent for the current period

Select the business activity that corresponds to the transaction.
Transaction: Pay dividends to stockholders

Select the business activity that corresponds to the transaction.
Transaction: Purchase building

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

ACCTG201 CH1-3 Review

True or False.Accounting can be defined as the language of business

True or False.Accounting can be defined as a measurement/communication process.

True or False.Accounting can be defined as a mathematics course.

Select the business activity that corresponds to the transaction.Transaction: Borrow from the bank

Select the business activity that corresponds to the transaction.Transaction: Provide services to customers

Select the business activity that corresponds to the transaction.Transaction: Issue common stock to investors

Select the business activity that corresponds to the transaction.Transaction: Purchase land

Select the business activity that corresponds to the transaction.Transaction: Pay rent for the current period

Select the business activity that corresponds to the transaction.Transaction: Pay dividends to stockholders

Select the business activity that corresponds to the transaction.Transaction: Purchase building

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

True or False.
Accounting can be defined as the language of business

True or False.
Accounting can be defined as a measurement/communication process.

True or False.
Accounting can be defined as a mathematics course.

Select the business activity that corresponds to the transaction.
Transaction: Borrow from the bank

Select the business activity that corresponds to the transaction.
Transaction: Provide services to customers

Select the business activity that corresponds to the transaction.
Transaction: Issue common stock to investors

Select the business activity that corresponds to the transaction.
Transaction: Purchase land

Select the business activity that corresponds to the transaction.
Transaction: Pay rent for the current period

Select the business activity that corresponds to the transaction.
Transaction: Pay dividends to stockholders

Select the business activity that corresponds to the transaction.
Transaction: Purchase building