Accounting - College Level - Ch 2
Authored by Liquid Gummy
Financial Education
University
Used 2+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Paid $400 cash on accounts payable
Decrease
No Effect
Increase
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Made a cash purchase of land for a building site for the business, $89,000.
Decrease
No Effect
Increase
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000).
Decrease
No Effect
Increase
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Received $15,400 cash from customers on account.
Decrease
No Effect
Increase
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Purchased a flat-screen TV for Smith's home.
Decrease
No Effect
Increase
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Received $12,000 cash and issued stock to a stockholder.
Decrease
No Effect
Increase
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Effect on Total asset -
Purchased medical equipment and signed a $90,000 promissory note in payment.
Decrease
No Effect
Increase
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