Which of the following accounts impact equity? (Check all ...

Which of the following accounts impact equity? (Check all that apply.)

a~Your answer is correct. Owner, Withdrawal & Expenses

a Liabilities Owner, Capital & Revenue

Assets

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The correct answer is shown. The T- account for Cash had 3 transactions entered into it. It was increased by $400 and decreased by $100 and by $30, respectively. Its balance at the end of the period would be a (debit/credit) Jebit balance of $270.

~Your answer is correct. Challenge

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Which statement best describes a T-account?

~ Your answer is correct.

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AT-account is used in a business to accurately report the financial status of its operations to the owners.

AT-account represents a ledger account and is a tool used to understand the effects of one or

more transactions.

AT-account is a formal financial statement which reports whether debits =credits at any given time.

AT-account is used to record transactions 1in a chronological order and serves as a book of

original entry.

Match the item on the left with the correct definition on the right

~ Your answer Is correct.

You matched: Creditors

~ Uabilities ~ Assets

~ Expenses

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The correct match:

a-a Individuals or organizations that have rights to

receive payments from a business oa Claims against the assets of a business

a-a Things of value owned by a business

D-a The costs of doing business

ChalltDJt

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You are entering a transaction in the journal. Place the following steps in the order that they would be entered in the journal.

'-'Your answer is correct.

~ :1 Enter date of transaction in date column

( o,/ 2 Enter name of account(s) debited and their amount(s)

( o,/ 3 Enter name of account(s) credited and their amount(s)

8

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