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    In-Class Quiz #1 - Solutions

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    Mustafa Kemal Karaağaç
    Received cash for services rendered, increasing assets and stockholders' equity. Purchased office equipment on account, increasing assets and liabilities. Paid employees' salaries and telephone bill, decreasing assets and stockholders' equity. Paid for office equipment purchased earlier, decreasing assets and liabilities. Obtained a loan from the bank, increasing assets and liabilities.

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    In-Class Quiz #1 - Solutions

    Uploaded by

    Mustafa Kemal Karaağaç
    3 views1 page
    Received cash for services rendered, increasing assets and stockholders' equity. Purchased office equipment on account, increasing assets and liabilities. Paid employees' salaries and telephone bill, decreasing assets and stockholders' equity. Paid for office equipment purchased earlier, decreasing assets and liabilities. Obtained a loan from the bank, increasing assets and liabilities.

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    Received cash for services rendered, increasing assets and stockholders' equity. Purchased office equipment on account, increasing assets and liabilities. Paid employees' salaries and telephone bill, decreasing assets and stockholders' equity. Paid for office equipment purchased earlier, decreasing assets and liabilities. Obtained a loan from the bank, increasing assets and liabilities.

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    3 views1 page

    In-Class Quiz #1 - Solutions

    Uploaded by

    Mustafa Kemal Karaağaç
    Received cash for services rendered, increasing assets and stockholders' equity. Purchased office equipment on account, increasing assets and liabilities. Paid employees' salaries and telephone bill, decreasing assets and stockholders' equity. Paid for office equipment purchased earlier, decreasing assets and liabilities. Obtained a loan from the bank, increasing assets and liabilities.

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    of 1

    October 18, 2022

    Name:
    Section No:
    ID No:

    1.Analyze the transactions of a business described below and indicate their effect on the
    basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (–
    ) to indicate a decrease.

    Stockholders’
    Assets = Liabilities + Equity
    1. Received cash for services rendered. + +
    2. Purchased office equipment on account. + +
    3. Paid employees' salaries. – –
    4. Received cash from customer in payment
    on account. +,–
    5. Paid telephone bill for the month. – –
    6. Paid for office equipment purchased in
    transaction 2. – –
    7. Purchased office supplies on account. + +
    8. Owner withdrew cash from the business. – –
    9. Obtained a loan from the bank. + +
    10. Billed customers for services rendered. + +

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