WorksheetsEffects of Transaction to the Balance Sheet
Total questions: 15
Worksheet time: 8mins
Choose the effect of the transaction:
Purchased equipment on credit.
+ Asset + Liability
+Asset - Liability
-Asset + Liability
-Asset + Liability
Choose the effect of the transaction:
Sold equipment by cash worth $1000
+ 1000 Cash + 1000 Equipment
+1000 Bank + 1000 Equipment
+ 1000 Cash + 1000 Bank
None of the Above
Choose the effect of the transaction:
Owner withdrew $50 for his vacation
+ 50 Cash + 50 Capital
-50 Cash - 50 Capital
-50 Bank - 50 Capital
None of the Above
Choose the effect of the transaction:
Paid the trade payable by check $50.
+ 50 Bank - 50 Trade Payable
-50 Cash - 50 Trade Payable
-50 Bank - 50 Trade Payable
None of the Above
Choose the effect of the transaction:
The owner started a business and invested his cash $50 and an Equipment $50 with a trade payable of $5.00
+50 Cash +45 Equipment + 95 Capital
+50Cash + 50 Equipment + 5 Trade Payable + 50 Capital
+50Cash + 50 Equipment + 5 Trade Payable + 100 Capital
None of the Above
Choose the effect of the transaction:
Received $50 from a customer in the business' receivable.
+50 Cash + 50 Trade Receivable
+50Cash + 50 Trade Receivable
+50Cash -50 Trade Receivable
None of the Above
Choose the effect of the transaction:
Borrowed $50 from the bank
+50 Cash + 50 Bank Loan
+50Cash + 50 Loan
+50Cash -50 Bank Loan
None of the Above
Choose the effect of the transaction:
Acquired a company car by cheque $50000
+50000 Vehicle + 50000 Bank
+50000 Vehicle + 50000 Cash
+50000 Vehicle -50000 Bank
None of the Above
Choose the effect of the transaction:
Withdrew cheque for business' use $50.
+50 Bank - 50Cash
-50 Cash +50 Bank
+50Cash -50Bank
None of the Above
Choose the effect of the transaction:
Transferred cash $50 to business's bank account
+50 Bank - 50Cash
-50 Cash +50 Bank
+50Cash -50Bank
None of the Above
Choose the effect of the transaction:
Purchased $50 worth of equipment on account
+50 Equipment - 50Cash
-50 Cash +50 Equipment
+50Equipment + 50 Trade Payable
None of the Above
Choose the effect of the transaction:
Bought office supplies by cash $5.
+5 Office Supplies -5 Cash
-5 Cash +5 Supplies
+5 Office Supplies +5 Bank
None of the Above
Choose the effect of the transaction:
Owner withdrew cheque $5 for birthday party for his son.
+5 Cash +5 Drawings
-5 Cash + Capital
-5 Bank - Capital
None of the Above
Choose the effect of the transaction:
Sold the furniture by cash $5.
+5 Cash +5 Furniture
-5 Bank -5 Furniture
-5 Bank - Capital
None of the Above
Choose the effect of the transaction:
Incurred a bank overdraft of $5.00 in using the bank account of the business.
+5 Cash + 5 Bank Overdraft
-5 Bank -5 Bank Overdraft
+ 5 Bank + 5 Bank Overdraft
None of the Above
