ACCT Ch 5

A company receives $500 in cash from a customer for services performed. Which account is affected?

• Cash is debited by $500

• Cash is credited by $500

• Revenue is debited by $500

• Revenue is credited by $500

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DOK Level 1: Recall

The company purchases office supplies worth $200 on credit. Which account is affected, and is it debited or credited?

• Office Supplies is debited by $200

• Office Supplies is credited by $200

• Accounts Payable is debited by $200

• Accounts Payable is credited by $200

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DOK Level 1: Recall

The company pays $300 in cash to settle an accounts payable. Which account is affected, and is it debited or credited?

• Cash is debited by $300

• Cash is credited by $300

• Accounts Payable is debited by $300

• Accounts Payable is credited by $300

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DOK Level 1: Recall

The owner withdraws $150 from the business for personal use. Which account is affected, and is it debited or credited?

• Withdrawals is debited by $150

• Withdrawals is credited by $150

• Cash is debited by $150

• Cash is credited by $150

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DOK Level 1: Recall

The company sells office equipment for $400 cash. Which account is affected, and is it debited or credited?

• Office Equipment is debited by $400

• Office Equipment is credited by $400

• Cash is debited by $400

• Cash is credited by $400

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DOK Level 1: Recall

A customer pays $250 on their account. Which account is affected, and is it debited or credited?

• Accounts Receivable is debited by $250

• Accounts Receivable is credited by $250

• Cash is debited by $250

• Cash is credited by $250

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DOK Level 1: Recall

The company incurs $100 in utility expenses, paid in cash. Which account is affected, and is it debited or credited?

• Expenses is debited by $100

• Expenses is credited by $100

• Cash is debited by $100

• Cash is credited by $100

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DOK Level 1: Recall

Analyze the impact of purchasing office equipment worth $600 on credit on the accounting equation. Which accounts are affected, and how?

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DOK Level 2: Skill/Concept

Evaluate the effect of receiving $700 cash for services rendered on the accounting equation. Which accounts are affected, and how?

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DOK Level 2: Skill/Concept

A business owner invests an additional $1,000 into the business. Which accounts are affected, and how?

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DOK Level 2: Skill/Concept