Which Of The Following Accounts Are Examples Of Revenues
Question: Jeff invests an additional $100 into his company from his personal checking account. How would this affect the equity of his business?
Answer: Common stock would be increased and total equity would also increase
Question: J. Brown paid $40 to its stockholders. Show how to record the transaction to the T-accounts by completing the following sentence:
Dividends would be _______ on the _______ side of the T-account, and cash would be _________ on the ________ side of the T-account
Answer: debited; left; credited; right
Question: Creditors
Answer: Individuals or organizations that have rights to receive payments from a business
Question: Liabilities
Answer: Claims against the assets of a business
Question: Assets
Answer: Things of value owned by a business
Question: Expenses
Answer: The costs of doing business
Question: On Mar 3, Lyons Company received $100 cash in advance of providing catering services to a customer. Use your knowledge of what a correct journal entry should look like to identify what would be included in the correct journal entry
Answer: -Cash would be debited and listed first
-Unearned Revenue would be credited and listed second
Question: You are entering a transaction in the journal. Place the following steps in the order that they would be entered in the journal
Answer: 1. Enter date of transaction in date column
2. Enter name of account(s) debited and their amount(s)
3. Enter name of account(s) credited and their amount(s)
4. Enter explanation
Question: Gunner Company made a $50 payment on account for a previous equipment purchase. Show how this transaction should be entered into T-accounts of Gunner Company.
Answer: Place $50 on left side of the Accounts payable account; place $50 on the right side of the Cash account
Question: The Dividends account is used to record _________ to the owner and has a ________ impact on equity
Answer: distributions; negative