Business Transactions

What two accounts are involved when you receive cash from owner as an investment?

• cash and capital

• cash and investment

• cash and bank

• cash and supplies

Mikaela Mundt invested $2,000.00 of her own money in the business. What two accounts are affected?

• Cash and Insurance

• Cash and Prepaid Insurance

• Cash and Investment

• Cash and Capital

Purchased supplies for $68.00 from Southern Supplies on credit. What two accounts are affected?

• cash and supplies

• supplies and creditors

• cash and creditors

• cash and check

Wrote an $800.00 check to the owner as a withdrawal for personal use. What two accounts are affected?

• Cash and Capital

• Cash and Drawings

• Cash and creditors

• Drawings and Bank

Identify which type of account is affected: Paid liabilities worth $53,000?

• Assets and Liabilities

• Assets and Capital

• Owner's Equity

• Assets

Identify which type of account is affected: The business purchase office supplies on account?

• Assets and Liabilities

• Assets and Capital

• Capital and Supplies

• Assets and Purchasing

Identify which type of account is affected: Purchased equipment at $20,000 for cash.

• Assets and Liabilities

• Assets and Capital

• Owner's Equity

• Assets

Identify which type of account is affected: The owner withdrew supplies worth $5,000.

• Assets and Liabilities

• Assets and Capital

• Capital and Liability

• Liability and Capital

Identify which type of account is affected: Paid $340 cash for this month’s utility bill.

• Assets and Liabilities

• Assets and Capital

• Assets and Cash Account

• Capital and Liabilities

The purchase of a desk on account will increase Office Furniture and will also increase?

• Cash in Bank

• Creditors

• Debtors

• Capital