James Wright performed handyman services for $2500. He received cash of $1500... James Wright performed handyman services for $2500. He received cash of $1500 with the balance to be received within 28 days. Ignoring GST, the transaction is recorded as: a. DR Cash $1500; DR Accounts receivable $1000; CR Services revenue $2500 b. DR Cash $1500; DR Equity $1000; CR Services revenue $2500 OC. DR Cash $2500; CR Equity $2500 Od DR Services revenue $2500; CR Cash $1500; CR Accounts payable $1000 Question 6 Complete Which of the following statements about the narrative form of a statement of .. Which of the following statements about the narrative form of a statement of financial position is true? Marked out of 1.00 P Flag question a. It shows the accounting equation as Assets = Liabilities + Equity b. In Australia, the narrative form of the statement is less common than the account form. OC. It resembles a T-shaped ledger account. d. All elements of the statement of financial position are listed in one column Question 7 Complete In January Mark purchases new furniture worth $1750 for his consulting office... In January Mark purchases new furniture worth $1750 for his consulting office. The furniture is purchased on credit. The effect of this transaction on the accounting equation is? Marked out of 1.00 Remove flag a. Increase in the asset furniture $1750; increase in equity $1750. b. Increase in the asset furniture $1750; increase in the asset accounts receivable $1750. C. Increase in the asset furniture $1750; decrease in the asset accounts receivable $1750. d. Increase in the asset furniture $1750; increase in the liability accounts payable $1750. Question 8 Complete When preparing the financial statements using a manual accounting system, the.. When preparing the financial statements using a manual accounting system, the worksheet will show profit Marked out of 1.00 Flag question a. in the DR column of the statement of financial performance and in the CR column of the statement of financial position. b. in the DR column of the adjustments and in the CR column of the statement of financial position @cas a CR to the capital account and a DR to the bank account das zero. In order to assess an entity's cash performance, it is common to classify its... In order to assess an entity's cash performance, it is common to classify its activities into operating, investing and financing. For a local soccer club, which of the following would be an operating activity? a. Purchasing new soccer goals for all fields and age groups. b. Receipt of membership fees from players. c. Purchasing a new coffee machine for the clubhouse. d. Repaying a loan for the clubhouse. A credit entry will: A credit entry will: ho a. decrease an asset, decrease a liability, and increase equity. b. decrease an expense, increase income, and increase equity increase an asset decrease a liability, and decrease equity. O d. decrease an asset, increase a liability, and decrease equity. C. Question 11 A party to whom the entity owes money for the provision of goods or services... A party to whom the entity owes money for the provision of goods or services is called a Complete Marked out of 1.00 P Flag question a. creditor. b. customer. c. client d. debtor
