WorksheetsChapter 1 Review
Total questions: 16
Worksheet time: 7mins
The Accounting Equation is stated:
A=L-O/E
A=L+O/E
A+L=O/E
A=L=O/E
After each transaction, the accounting equation must remain in _____
business entity
unit of measurement
equation
balance
When items are bought and paid for at a future time, an item is purchased "______"
on account
today
debit balance
accounting
Withdrawals are assets taken out for
expenses
sales
personal use
supplies
Assets are anything of (a) .
Liabilities are something we (a) someone.
Assets are on the _____ side of equation
debt
credit
right
left
The amount in an account
Assets
Accounting Equation
Account Title
Account Balance
Paid cash for supplies
+Cash
-Supplies
+Supplies
+Cash
-Cash
-Supplies
+Supplies
-Cash
Paid cash for advertising
-O/E Expense
-Cash
+O/E Expense
-Cash
+O/E Expense
+Cash
+Sales
+Cash
Received Cash from Sales
-Cash
+O/E Sales
+Cash
+O/E Sales
+Cash
+O/E Expense
-Cash
+Sales
Sold Services on Account
+Cash
+O/E Sales
+A/R Asset
+O/E Sales
-Cash
-A/R Asset
+Cash
+O/E Expense
Received Cash on Account
-Cash
+Accounts Receivable
+Cash
+Accounts Payable
-Cash
-Accounts Receivable
+Cash
-Accounts Receivable
Paid Cash on Account
-Cash
-Accounts Payable
+Cash
+Accounts Payable
-O/E
+Cash
-Cash
Paid cash for Rent
+Cash
+Supplies
+Cash
-O/E Expense
-Cash
-Supplies
-Cash
-O/E Expense
Business Entity keeps (a) and business accounts separate.
