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
Challenge
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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
? Raad about this
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
Enter explanation
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