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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