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If total liabilities increased by $25,000 during a period of time and owner's equity decreased by $9,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total assets is a(n);$16,000 decrease.;$34,000 increase.;$34,000 decrease.;$16,000 increase.;Owner's capital at the end of the period is equal to;net income.;assets plus liabilities.;owner's capital at the beginning of the period plus net income minus liabilities.;owner's capital at the beginning of the period plus net income minus drawings.;At October 1, Arcade Fire Enterprises reported owner's equity of $72,000. During October, no additional investments were made and the company posted a net loss of $8,000. If owner's equity at October 31 totals $64,000, what amount of owner drawings were made during the month?;$16,000;$4,000;$8,000;$0;Keeping a systematic, chronological diary of events that are measured in dollars and cents is called;communicating.;identifying.;processing.;recording.;Matador Company purchases $1,300 of equipment from Danger Mouse Inc. for cash. The effect on the components of the basic accounting equation of Matador Company is;a decrease in assets and liabilities.;an increase in assets and a decrease in liabilities.;no change in total assets.;an increase in assets and liabilities.;The normal balance of any account is the;right side.;side which decreases that account.;side which increases that account.;left side.;Which one of the following represents the expanded basic accounting equation?;Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues.;Assets ? Liabilities ? Owner's Drawings = Owner's Capital + Revenues ? Expenses.;Assets = Liabilities + Owner's Capital + Owner's Drawings ? Revenue ? Expenses.;Assets = Revenues + Expenses ? Liabilities.;The best interpretation of the word credit is the;decrease side of an account.;right side of an account.;increase side of an account.;offset side of an account.;An accountant has debited an asset account for $1,200 and credited a liability account for $500. What can be done to complete the recording of the transaction?;Debit another asset account for $700.;Debit an owner's equity account for $700.;Credit a different asset account for $700.;Nothing further must be done.;Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction?;Credit an asset account for $400.;Credit another liability account for $400.;Credit the Capital account for $400.


Paper#79153 | Written in 18-Jul-2015

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