1 M Mastery Problem Accounting Answers

Question: Paid cash for rent

Answer: - cash

-capital (expense)

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Question: Removed cash from owner as an investment

Answer: +cash

  • capital (investment)

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  • Question: Paid cash for telephone bill

  • Answer: -cash

  • -capital (expense)

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  • Question: Received cash from sales

  • Answer: +cash

  • +capital (revenue)

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  • Question: Bought supplies on account from Delta Company

  • Answer: +supplies

  • +delta co.

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  • Question: Sold services on account to Ana Santiago

  • Answer: +Ana Santiago

  • +capital (revenue)

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  • Question: Paid cash for advertising

  • Answer: -cash

  • -capital(expense)

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  • Question: Paid cash for supplies

  • Answer: -cash

  • +supplies

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  • Question: Received cash on account from Ana Santiago

  • Answer: +cash

  • -Ana Santiago

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  • Question: Paid cash on account to delta

  • Answer: -cash

  • -delta

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  • Question: Paid cash for one month of insurance

  • Answer: -cash

  • +insurance

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  • Question: Received cash from sales

  • Answer: +cash

  • +capital (revenue)

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  • Question: Paid cash to owner for personal use

  • Answer: -cash

  • -capital (withdrawal)

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