ACC 101

Question 1

Owner invests $15,000 cash in the business

Answer 1

Cash and Capital

Question 2

Purchased Equipment for $7,000 cash

Answer 2

Equipment & Cash

Question 3

Purchased $1,600 of Supplies on credit

Answer 3

Supplies & Accounts Payable

Question 4

Performed services for $1,200 cash

Answer 4

Revenue and Cash

Question 5

Got a bill for $250 from the NY Dailey News for Advertising on the online platform

Answer 5

Accounts Payable and Expense

Question 6

Performed services for $3,500, receiving $1,500 cash and $2,000 on account

Answer 6

Revenue, Cash & Accounts Receivable

Question 7

Paid the following expenses: $600 rent, $900 salary and wages, and $200 utilities

Answer 7

Cash & Expenses

Question 8

Payment on Accounts Payable for $250.

Answer 8

Cash and Accounts Payable

Question 9

Received $600 from Customer on Account

Answer 9

Cash and Accounts Receivable

Question 10

Withdrew $1,300 cash for personal use

Answer 10

Owner’s Drawings and Cash

Question 11

Assets= ??

Answer 11

Liabillities+ Owners Equity

Question 12

Assets Accounts for

Answer 12

Cash, Receivable, Supplies, and Equipment

Question 13

Liabillites account for

Answer 13

Accounts Payable

Question 14

Owners Equity accounts for

Answer 14

Owners Capital (+), Owners Drawings, Revenue, Expenses