Ch. 1 - Which Accounts are Affected and How? - Part 2

Which two accounts are affected by this transaction: Received Cash from owner as investment?

• Cash

• Accounts Receivable

• Capital

• Account Payable

Which two accounts are affected by this transaction: Paid cash on account to Lee’s Supplies?

• Cash

• Accounts Receivable

• Supplies

• Account Payable

How are the two accounts are affected by this transaction: Paid cash on account to Lee’s Supplies?

• 
  Cash is increased

• 
  Cash is decreased

• Accounts Payable is increased

• Account Payable is decreased

Which two accounts are affected by this transaction: Sold Services on account?

• Cash

• Accounts Receivable

• Supplies

• 
  Capital

How are the two accounts affected in this transaction: Sold Services on account?

• Cash is increased

• Accounts Receivable is increased

• Capital is increased

• Capital is decreased

How are the two accounts affected in this transaction: Received Cash on Account?

• 
  Cash is increased

• Accounts Receivable is decreased

• Capital is increased

• Capital is decreased

The transaction, "Sold Services on account" affects which account?

• Accounts Receivable

• Accounts Payable

The transaction, "Paid Cash on Account" affects which account?

• Accounts Receivable

• Accounts Payable

How are the two accounts affected in this transaction:

"The owner withdrew equity in the form of cash for personal use"?

• 
  Cash is increased

• Cash is decreased

• 
  Capital is increased

• Capital is decreased

Which two transactions only affect the ASSET category?

• Bought Supplies on Account.

• Paid Cash for supplies.

• Received Cash on Account

• Received Cash from the owner as an investment.