Multiple Choice Question

Smith Company purchased $$100$ of supplies for the business and paid cash. Smith Company would record this transaction in the accounting equation by which of the following?

Increase Supplies; increase Revenues.

Decrease Cash; increase Supplies.

Increase Cash; increase Supplies.

Increase Cash; increase Expenses.

Multiple Choice Question

Given the statements below, choose the most accurate definition of dividends.

Resources owned or controlled by a company

Assets earned from a company's earning activities

Cash or other assets an owner puts into the business

Outflows of cash or other assets paid to the owners of a corporation

Cost of providing products or services to customers