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Exam 2: Analyzing Business Transactions

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Question 41

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The property that a business owns is referred to as its ___________________.

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Question 42

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When the owner invests cash in a business,

A) assets and revenue increase.
B) assets increase and owner's equity decreases.
C) liabilities decrease and owner's equity increases.
D) assets and owner's equity increase.

E) B) and D)
F) None of the above

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Question 43

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The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction. Paid cash for utilities

When revenue and expenses are equal,the firm is said to ___________________.

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction. Performed services for cash

If a business issued a check for $1,000 to pay for two months rent in advance,analyze the effect on the firms' assets,liabilities and owner's equity.

Identify the type of accounts that would appear on a firm's income statement

If assets are $17,000 and owner's equity is $10,000,liabilities are ___________________.

Owner's equity is:

Amounts that a business must pay in the future are known as

On September 1,Shawn Dahl established Whitewater Rentals,a canoe and kayak rental business.The following transactions occurred in the month of September and affected the following accounts: Transactions 1.Shawn Dahl invested $45,000 in cash to open the business 2.Paid $12,700 in cash for the purchase of kayak and canoe equipment 3.Paid $1,050 in cash for rent expense 4.Purchased additional kayak and canoe equipment for $3,800 on credit 5.Received $3,900 in cash for kayak rentals 6.Rented canoes and kayaks for $1,200 on account 7.Purchased office equipment for $125 in cash 8.Received $800 in cash from credit clients 9.Shawn Dahl withdrew $1,500 in cash for personal expenses Based on the information shown above,what is the balance of Accounts Receivable for Whitewater Rentals at the end of September?

The balance sheet shows each of the following except the:

The figure below shows the transactions for Sawyer Architecture Services during June.Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1). Prepare the balance sheet for Sawyer Architecture Services as of June 30,2016.

The owner's investment or equity in a business is called

The transactions listed below took place at the Mitchell Advertising Agency.These transactions affected the following accounts.Indicate the accounts affected and use plus and minus to show the changes caused by each transaction. Purchased a computer for cash

A double line drawn under the figures in a money column shows that the computation is complete.

When the owner writes a company check to pay the firm's electric bill,

When a business sells services for cash,assets increase and revenue ___________________.

On December 1,2016,Geneva Jordan opened her new business with the following assets and liabilities.Complete the accounting equation for the firm. Assets $________ = Liabilities $________ + Owner's Equity $________

The statement of ____________________ reports the changes that have occurred in the owner's financial interest during the reporting period.