Accounting BUSI1001

What is the owner's equity(capital)? If Assets are $60,000 and Liabilities $4800

• 55,000

• 55,200

• 64,800

Find the Liabilities. If assets are $26,800 and Owner's Equity(Capital) $15,500

• $11,300

• 11,000

• 13,000

Find the assets, if liabilities are $10,200 and Owner's Equity $20,000

• $30,000

• $30,200

• $26,000

Assets=$25,000

Owner's Equity(Capital)=$14,000

Liabilities=?

• $12,000

• $39,000

• $11,000

Assets= $35,000

Liabilities= $7,000

Owner's Equity=?

• $42,000

• $28,000

• $20,000

Using Debit/Credit Rules choose the correct answer

May 1st JLM starts business with $300,000 cash

• Debit Capital

  Credit Cash

• Debit Cash

  Credit Capital

Identify the two accounts in the transaction below:

Bought Office Equipment worth $15,000 on account.

• Office Equipment

  Accounts Payable

• Office Equipment

  Cash

• Purchases

  Accounts Payable

When an asset increases we.........................

• Credit

• Debit

Bought goods for cash $700

• Debit Purchases

  Credit Cash

• Debit Cash

  Credit Purchases

• Debit Goods

  Credit Cash

An example of a liability is..........

• Cash

• Truck

• Loan

• Sales