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Accounting Equation Drills 1. The basic accounting equation is Assets - Liabilities + For each of the transactions in items 2 through 13, indicate the two (or more) effects on the accounting equation of the business or company. 2. The owner invests personal cash in the business. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect 3. The owner withdraws business assets for personal use. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect 4. The company receives cash from a bank loan. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders") Equity: Increase Decrease No Effect 5. The company repays the bank that had lent money to the company. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect 6. The company purchases equipment with its cash. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect The owner contributes her personal truck to the business Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders) Equity: Increase Decrease No Effect 8. The company purchases a significant amount of supplies on credit. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect 9. The company purchases land by paying half in cash and signing a note payable for the other half. Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect Information for Items 10 through 13: Company X provides consulting services to Client Qin May. Company Xbilis Client Qin May for the agreed upon amount of $5,000. The sales invoice shows that the amount will be due in June. 10. In May. Company X records the transaction by a debit to Accounts Receivable for $5.000 and a credit to Service Revenues for $5,000. What is the effect of this entry upon the accounting equation for Company X? Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: 11. In June, Company X receives the $5,000. What is the effect on the accounting equation and which accounts are affected at Company X? Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect Hect on Client's accounting equation in May when Client records the an as a debit to consultant Expense for $5,000 and a credit to Accounts Payable 12. What is the effect on transaction as ad for $5,000? Assets: Increase Liabilities: Increase Owner's (or Stockholders') Equity: Increase Decrease Decrease Decrease No Elect No Effect No Effect What is the effect on Client O's accounting equation in June when Client 13. remits the $5,000? Also, which accounts will be involved? Assets: Increase Decrease No Effect Liabilities: Increase Decrease No Effect Owner's (or Stockholders') Equity: Increase Decrease No Effect 14. Which of the following will cause owner's equity to increase? expenses owner draws revenues 15. Which of the following will cause owner's equity to decrease? net income net loss revenues 16. The accounting equation should remain in balance because every transaction affects how many accounts? only one only two two or more 17. A corporation's net income is eventually recorded in the following stockholders' equity account: 18. A corporation's quarterly will cause a reduction in the corporation's retained earnings, which in turn reduces the corporation's stockholders' equity. However, this will not reduce the corporation's net income. 19. The financial statement with a structure that is similar to the accounting equation is the 20. The financial statement that reports the portion of change in owner's equity resulting from revenues and expenses during a specified time interval is the