Question and answer
12. Stephen purchased office supplies for $800 in cash. This transaction would (Points : 1) increase assets and increase owner's equity. increase one asset and decrease another asset. increase assets and increase liabilities. decrease assets and decrease liabilities.
Stephen purchased office supplies for $800 in cash. This transaction would increase one asset and decrease another asset.
FedelisMVP|Points 226|
Question
Asked 2/3/2015 10:30:30 AM
Updated 2/5/2015 7:23:14 PM
0 Answers/Comments
This answer has been confirmed as correct and helpful.
Edited by debnjerry [2/5/2015 7:23:13 PM], Confirmed by debnjerry [2/5/2015 7:23:14 PM]
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Questions asked by the same visitor
6. The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. (Points : 1) True False
Question
Updated 2/7/2015 11:07:55 AM
1 Answer/Comment
The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. This is FALSE. They are used as synonyms for the income statement.
Added 2/7/2015 11:07:55 AM
This answer has been confirmed as correct and helpful.
5. A business that makes a product to sell is called a manufacturing business. (Points : 1) True False
Question
Not Answered
Updated 2/3/2015 10:38:55 AM
1 Answer/Comment
A business that makes a product to sell is called a manufacturing business. TRUE.
Added 2/3/2015 10:38:55 AM
This answer has been confirmed as correct and helpful.
13. The capital account (Points : 1) decreases with increased revenue. increases with increased expenses. has a normal balance of a debit. increases when the owner invests money in the business.
Question
Not Answered
Updated 2/5/2015 7:15:39 PM
1 Answer/Comment
The Capital account increases when the owner invests money in the business.
Added 2/5/2015 7:15:39 PM
This answer has been confirmed as correct and helpful.
16. Examples of revenue accounts include all of the following EXCEPT (Points : 1) Wages. Sales. Delivery Fees. Professional Fees.
Question
Updated 11/25/2017 11:52:49 AM
1 Answer/Comment
Examples of revenue accounts include all of the following EXCEPT wages.
Added 11/25/2017 11:52:49 AM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [11/25/2017 12:54:24 PM]
18. A debit (Points : 1) is on the left side. decreases assets. increases liabilities. increases owner's equity.
Question
Updated 2/5/2015 7:14:16 PM
1 Answer/Comment
A debit is on the left side.
Added 2/5/2015 7:14:16 PM
This answer has been confirmed as correct and helpful.
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