Free Printable Accounting - College Level - Ch 2

Free Printable Worksheets

Worksheets

Accounting - College Level - Ch 2

Total questions: 20

Worksheet time: 10mins

Name

Class

Date

1.

Effect on Total asset -

Paid $400 cash on accounts payable

a)

Decrease

b)

No Effect

c)

Increase

2.

Effect on Total asset -

Made a cash purchase of land for a building site for the business, $89,000.

a)

Decrease

b)

No Effect

c)

Increase

3.

Effect on Total asset -

Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000).

a)

Decrease

b)

No Effect

c)

Increase

4.

Effect on Total asset -

Received $15,400 cash from customers on account.

a)

Decrease

b)

No Effect

c)

Increase

5.

Effect on Total asset -

Purchased a flat-screen TV for Smith's home.

a)

Decrease

b)

No Effect

c)

Increase

6.

Effect on Total asset -

Received $12,000 cash and issued stock to a stockholder.

a)

Decrease

b)

No Effect

c)

Increase

7.

Effect on Total asset -

Purchased medical equipment and signed a $90,000 promissory note in payment.

a)

Decrease

b)

No Effect

c)

Increase

8.

Effect on Total asset -

Paid Smith a cash dividend of $4,000.

a)

Decrease

b)

No Effect

c)

Increase

9.

Effect on Total asset -

Borrowed $62,000 from the bank for use in the business.

a)

Decrease

b)

No Effect

c)

Increase

10.

Effect on Total asset -

Purchased office supplies on account for $1,200.

a)

Decrease

b)

No Effect

c)

Increase

11.

Account affected or why total assets remain unchanged -

Paid $400 cash on accounts payable

a)

Cash

b)

Increase in assets is same as decrease in assets

c)

Equipment

12.

Account affected or why total assets remain unchanged -

Made a cash purchase of land for a building site for the business, $89,000.

a)

Cash

b)

Increase in assets is same as decrease in assets

c)

Equipment

13.

Account affected or why total assets remain unchanged -

Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000).

a)

Cash

b)

Increase in assets is same as decrease in assets

c)

Equipment

14.

Account affected or why total assets remain unchanged -

Received $15,400 cash from customers on account.

a)

Cash

b)

Increase in assets is same as decrease in assets

c)

Equipment

15.

Account affected or why total assets remain unchanged -

Purchased medical equipment and signed a $90,000 promissory note in payment.

a)

Cash

b)

Increase in assets is same as decrease in assets

c)

Equipment

16.

Account affected or why total assets remain unchanged -

Purchased a flat-screen TV for Smith's home.

a)

Cash

b)

Office Supplies

c)

Personal Transaction

17.

Account affected or why total assets remain unchanged -

Paid Smith a cash dividend of $4,000.

a)

Cash

b)

Office Supplies

c)

Personal Transaction

18.

Account affected or why total assets remain unchanged -

Purchased office supplies on account for $1,200.

a)

Cash

b)

Office Supplies

c)

Personal Transaction

19.

Account affected or why total assets remain unchanged -

Borrowed $62,000 from the bank for use in the business.

a)

Cash

b)

Office Supplies

c)

Personal Transaction

20.

Account affected or why total assets remain unchanged -

Received $12,000 cash and issued stock to a stockholder.

a)

Cash

b)

Office Supplies

c)

Personal Transaction

100 %

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