1. What are the accounts you match in the matching principals?

2. If total liabilities increased by $15,000 & owner's equity increased by $5,000 during a period of time, then total assets must change by what amount & direction during the same period?

3. Mention the optional step in the accounting cycle?

4. The accounting equation for G., enterprise is as follows: $120,000 (assets) = $60,000 (liabilities) + $60,000 (owner's equity) If G., purchases office equipment on account for $12,000, what will be the effect on "accounting equation"?

5. Carla s' Company Computer repair shop, started the year with total assets of $270,000 & total liabilities of $180,000, during the year the business recorded of $450,000 in computer repair revenues, of $255,000 expenses, & Carla withdrew of $45,000:

a. What will be the Carla s' Capital balance at the end of the year?

b. What will be the Net Income reported by Carla s' Company Computer repair shop for the year?

c. By what amount Carla s' Capital balance changed from the beginning of the year to the end of the year?