ACC: 3-2 Analyze How Transactions Affect Balance Sheet Accounts

In the initial transaction, when Serena invested $5,500 cash into RockHill Media, which account was credited?

• Cash

• Equipment

• Serena Garcia, Capital

• Accounts Payable

In the transaction where RockHill Media purchased video equipment for $2,300, which account was debited?

• Accounts Payable

• Equipment

• Serena Garcia, Capital

• Cash

When RockHill Media paid $500 for an annual insurance policy, which account was debited?

• Accounts Payable

• Prepaid Insurance

• Cash

• Equipment

In the transaction where RockHill Media purchased $325 of supplies from LexSupply on account, which account was credited?

• Cash

• Prepaid Insurance

• Supplies

• Accounts Payable

When RockHill Media purchased $495 of video equipment from Murphy's Camera Shop on account, which account was credited?

• Cash

• Prepaid Insurance

• Equipment

• Accounts Payable

In the transaction where RockHill Media paid $75 on account to LexSupply, which account was debited?

• Accounts Payable

• Equipment

• Prepaid Insurance

• Cash

In the initial transaction, when Serena invested $5,500 cash into RockHill Media, what was the updated accounting equation?

• $0 = $5,500 + $5,500

• $0 = $5,500 + $0

• $5,500 = $5,500 + $0

• $5,500 = $0 + $5,500

In the transaction where RockHill Media purchased video equipment for $2,300, what was the updated accounting equation?

• $5,500 = $5,500 + $0

• $5,500 = $0 + $5,500

• $6,245 = $745 + $5,500

• $6,320 = $820 + $5,500

When RockHill Media paid $500 for an annual insurance policy, what was the updated accounting equation?

• $6,245 = $745 + $5,500

• $6,320 = $820 + $5,500

• $5,500 = $5,500 + $0

• $5,500 = $0 + $5,500

In the transaction where RockHill Media purchased $325 of supplies from LexSupply on account, what was the updated accounting equation?

• $6,245 = $745 + $5,500

• $6,320 = $820 + $5,500

• $5,500 = $5,500 + $0

• $5,500 = $0 + $5,500