U1 Review Define the following terms: assets, liabilities, and equity. Provide t
ID: 2509744 • Letter: U
Question
U1 Review
Define the following terms: assets, liabilities, and equity.
Provide two examples of each of the following terms: assets, liabilities, and equity.
Provide two examples of expenses a business might incur.
Read the items below and indicate whether the account type is increased with a debt or credit.
_____ a. Asset
_____ b. Liabilities
_____ c. Equity
_____ d. Revenue
_____ e. Expenses
Classify each of the following items as assets (A), liabilities (L), equity (EQ), revenue (R), or expense (E)
_____ a. Land
_____ b. Owner, capital
_____ c. Fees earned
_____ d. Equipment
_____ e. Telephone bill
_____ f. Accounts payable
_____ g. Unearned revenue
_____ h. Accounts receivable
_____ i. Supplies
_____ j. Rent
Following are the transactions of a new company called Pose-for-Pics.
Aug.1
Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.
Aug.1
Paid $2,100 for August rent
Aug.5
The company purchased office supplies for $880 cash.
Aug.20
The company received $3,331 cash in photography fees earned.
Aug.31
The company paid $675 cash for August utilities.
Aug.1
Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.
Aug.1
Paid $2,100 for August rent
Aug.5
The company purchased office supplies for $880 cash.
Aug.20
The company received $3,331 cash in photography fees earned.
Aug.31
The company paid $675 cash for August utilities.
Explanation / Answer
Answers
Date
General Journal
Debit ($)
Credit ($)
Aug-01
Cash
6500
Equipment
33500
Owner's Capital
40000
Aug-01
Rent Expenses
2100
Cash
2100
Aug-05
Office Supplies
880
Cash
880
Aug-20
Cash
3331
Fees earned
3331
Aug-31
Utilities expenses
675
Cash
675
Date
General Journal
Debit ($)
Credit ($)
Aug-01
Cash
6500
Equipment
33500
Owner's Capital
40000
Aug-01
Rent Expenses
2100
Cash
2100
Aug-05
Office Supplies
880
Cash
880
Aug-20
Cash
3331
Fees earned
3331
Aug-31
Utilities expenses
675
Cash
675
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.