Ch. 1 Review #2

Drag the label to the correct area of the net worth statement.

a

b

c

d

e

f

g

h

Net Worth Statement

Total Assets

Total Liabilities

Liabilities

The current date.

Net Worth

Write the person's name.

Assets

Categorize the accounts with the appropriate part of the accounting equation.

Groups:

(a) Asset

,

(b) Liabilities

,

(c) Owner's Equity

• Capital

• Accounts Payable

• Prepaid Insurance

• Withdrawal

• Revenue

• Expense

• Accounts Receivable

• Cash

• Supplies

Calculate the missing number,

a

c

e

56,000

1,300

81,500

5,300

17,000

5,000

Paid cash for supplies, $165.00. Select the correct answers.

• • + $165 Cash

• • - $165 Supplies

• • - $165 Cash

• • + $165 Supplies

Paid cash for insurance, $900.00. Select the correct answers.

• • + $900 Prepaid Insurance

• • - $900 Prepaid Insurance

• • - $900 Cash

• • + $900 Cash

Bought supplies on account from Canyon Office Supplies, $220.00. Select the correct answers.

• • + $220 Supplies

• • - $220 Cash

• • - $220

  • Accounts Payable - Canyon Office Supplies

• • + $220 Cash

• • + $220

  • Accounts Payable - Canyon Office Supplies

Paid cash on account to Canyon Office Supplies, $100.00.

Select the correct answers.

• • + $100 Supplies

• • - $100 Cash

• • - $100

  • Accounts Payable - Canyon Office Supplies

• • + 100 Cash

• • + $100

  • Accounts Payable - Canyon Office Supplies

Received cash from owner as an investment, $2,000.00.

Select the correct answers.

• • + $2,000

  • Owner's Name, Capital

• • - $2,000 Cash

• • - $2,000

  • Accounts Payable - Canyon Office Supplies

• • + 2,000 Cash

• • - $2,000

  • Owner's Name, Capital

Received cash from sales, $1,100.00. Which of the following describes this transaction?

• Revenue

• Expense

• Withdrawal

• Liability

Paid cash for equipment rental, $400.00. Which of the following describes this transaction?

• Revenue

• Expense

• Withdrawal

• Liability