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10 FILL IN THE PINK CELLS ONLY Number la. Ib. le. Id. le 11. Ig Ih. li. lj. Total Score: Examine each account below. Identify it as an ASSET, a LIABILITY, or OWNER'S EQUITY account. Item Click to Answer Results (l-correct, 0-incorrect) Equipment Choose one: 0 Accounts Payable Choose one: 0 Rent Expense Choose one: 0 Cash Choose one: 0 Accounts Payable Choose one: 0 Service Revenue Choose one: 0 Smith Capital Choose one: 0 Accounts Receivable Choose one: 0 Land Choose one: 0 Building Choose one: 0 Total 0 2 INSTRUCTIONS Replace the question mark with the correct dollar amount. Hint: ASSETS = LIABILITIES + OWNER'S EQUITY OWNER'S EQUITY ASSETS 100,000 250.000 Results (l-correct, 0-incorrect) 0 2a. 2b. 2c. 2d. 2e. LIABILITIES 50.000 2 600,000 150.000 750,000 100,000 300,000 0 0 0 400.000 900.000 0 Total 0 INSTRUCTIONS For each transaction, insert a number under each account that is affected. Use a minus sign to indicate the amount by which the account decreases. The A-L.+OE Result will indicate whether you are in balance. Hint: Choose 2 affects for each transaction: make sure your transactions are balanced Hint: Revenues increase the Capital account and Expenses decrease the Capital account. FILL IN THE PINK CELLS ONLY NOTES JONES PAYABLE CAPITAL -0 Effect2 ACCOUNTS CASH RECEIVABL SUPPLIES EQUIPMENT -0 +0 40 O 0 Results ALOE Effect 1 Total ACCTS PAYABLE +01 0 EXAMPLE Joses invested $80,000 cash in the business Totals Answer put 0.000 DI 10,000 in Ko In Test, try to get 3 points on eachtraction CASH + Total ACCOUNTS RECEIVABL SUPPLIES EQUIPMENT - HO +0 ol 0 0 ACCTS PAYABLE 40 0 NOTES JONES PAYABLE CAPITAL 40 0 0 0 ALOE! Effect 1 Ele12 2 Jones borrowed $20,000 from Bank of America and signed a wote payable for that amount CASH ALOE! Effect ACCOUNTS RECEIVABL SUPPLIES EQUIPMENT 40 0 0 ACCTS PAYABLE -0 0 NOTES JONES PAYABLE CAPITAL -0 0 Effect 2 0 3 Jones purchased a piece of equipment for 53,000 h HO 40 10 CASH ACCOUNTS RECEIVABL SUPPLIES EQUIPMENT +0 0 0 0 ACCTS PAYABLE +0 Jones purchaud supplies en account, $1,000 NOTES JONES PAYABLE CAPITAL 0 -0 D ALOE Effect 1 Effect 0 Total 1 CASH ACCOUNISI RECEIVABL SUPPLIES KOUIPMENT . 0 0 0 ACCTS PAYABLE 40 0 NOTES JONES PAYABLE CAPITAL 0 0 0 ALOK 1 Total 1 Jones provided service to a client en secount in the amount of 5000 0 CANI ACCOUNTS RICHIVARE SUPPLIES LOUIPMENU 0 0 ACETS PAYARILE TO NOTES JONES PAYABLE CAPITAL ARAOKE 0 Effect 0 Total . 6 Jours paid rent on an office, in cash, In the amount of $2.000 CANI ACCOUNTS RECKIVARE SUPPLIES EQUIPMENT . 0 10 ACCTS PAYARI 10 0 NOTES KONES PAYARD CAPITAL 0 0 Tul ABOK? Evet 1 Kft 0 7 dones received cash on account from a customer, 51.000. CASH ACCOUNTS RECEIVABL SUPPLIES EQUIPMENT -0 0 0 ACCTS PAYABLE 40 0 NOTES JONES PAYABLE CAPITAL ALOE Effect 0 90 D Effect 0 Jones withdrew $500 from the business for personal uw 1 Effect ACCTS PAYABLE 0 0 NOTES JONES PAYABLE CAPITAL 0 ACCOUNTS CASH RECEIVABL SUPPLIES LQUIPMENT 0 10 -0 300 0 0 0 ALOE Effect 0 Jones paid cash to a creditor on account in the amount of SNOO. 1 . CANI ACCOUNTS RECEIVABL SUPPLIES EQUIPMENT 0 0 ACCTS PAYABLE +0 0 NOTES JONES PAYABLE CAPITAL 0 0 0 ALOE! Effect 1 fest2 0 Total 1 10 The company used up $300 of supplies. Itint using supplies is an expense. 0 Total 10 4 Results Rest 0 4a 45 40 4d 4e 4r 4 4h 41 INSTRUCTIONS FILL IN THE PINK CELLS ONLY For each transaction, describe the effect it has en Assets. Liabilities and Owner's Equity. TOTAL ASSETS TOTAL LIABILITIES The owner invested cash in the business Choose one Cheon The owner borrowed 510.000 cash from Bank of America Cheone Choo The owner purchased Equipment for cash Choone Che one The owner purchased Suppliesce account Choose one Choose one The company earned revenue on account Che one Cleone The company padre expense in cash Choone con Chene The owner withdrew $1.000 from the busine The company received $1.000 from a customers account Chosen Choose The company reason NC Choose one hen The company purchased inventory on account Cho he TOTAL OWNER'S EQUITY Results Choose one Choose Choose one Choose one Choose one hoe one Chane Chen Che one Che Tale 0 0 0 0 0 D 5a. 5b. 5c. 5d. 5e. 5f. 5g. 5h. 5i. 5j. 5k. 51. 5m. 5n. 5o. 5 INSTRUCTIONS FILL IN THE PINK CELLS ONLY For each account listed below, choose the financial statement that the account is reported on. Which statement? Result Accounts Receivable Choose one: 0 Equipment Choose one: 0 Rent Expense Choose one: 0 Service Revenue Choose one: 0 Accounts Payable Choose one: 0 Notes Receivable Choose one: 0 Insurance Expense Choose one: 0 Interest Revenue Choose one: 0 Patent Choose one: 0 Building Choose one: 0 Notes Payable Choose one: 0 Inventory Choose one: 0 Supplies Choose one: 0 Utilities Expense Choose one: 0 Advertising Expense Choose one: 0 0 Results 0 O FILL IN THE PINK CELLS ONLY INSTRUCTIONS 6 Choose the answer TRUE or FALSE for each of the following questions 1 A revenue is earned when a service has been provided or a product has been delivered. 2 The transactions in a journal are arranged in date order. 3 The formula for the income statement is ASSETS - LIABILITIES + OWNER'S EQUITY 4 An expense has the effect of decreasing owner's equity. 5 A drawing is an expense and would appear on the income statement. 6 The formula for the balance sheet is ASSETS=LIABILITIES + OWNER'S EQUITY. 7 In the United States, the accounting rules are made by the Financial Accounting Standards Board, 8 Revenues and expenses are considered owner's equity accounts. 9 Nordstrom would be considered a merchandising company. 10 A patent would be considered an intangible asset. 0 0 0 0 Choose one: Choose one: Choose one: Choose one: Choose one: Choose one: Choose one: Choose one: Choose one: Total 0 0 0 0 0