QUIZ 2 | Analyzing Transactions | ACCOUNTING 101

1. 1. What account titles are being affected with the transaction: ABC Hair Salon hired additional workers for the hair salon.

• A. Increase in Assets and  Increase in Equity

• 1. B. Decrease in Assets and Decrease in Liabilities

• 1. C. Increase in Assets and Decrease in Assets

• D. None

1. 2. What account titles are being affected with the transaction: Mark purchased a printer for the business.

• 1. A. Decrease in Assets and Decrease in Equity

• 1. B. Decrease in Assets and Decrease in Liabilities

• 1. C. Increase in Assets and Decrease in Assets

• 1. D. None

1. 3. What account titles are being affected with the transaction: Jay borrowed a Php100,000 loan from a bank for his business.

• 1. A. Decrease in Assets and Decrease in Equity

• 1. B. Increase in Assets and Increase in Liabilities

• 1. C. Increase in Assets and Decrease in Assets

• D. None

4. 4. What account titles are being affected with the transaction: XYZ Company paid its accounts payable.

• 1. A. Decrease in Assets and Decrease in Equity

• 1. B. Decrease in Assets and Decrease in Liabilities

• 1. C. Increase in Assets and Decrease in Assets

• D. None

1. 5. What account titles are being affected with the transaction: The owner of the GHI Company purchased equipment using his own personal cash.

• 1. A. Increase in Assets and Increase in Equity

• 1. B. Increase in Assets and Decrease in Liabilities

• 1. C. Increase in Assets and Decrease in Assets

• D. None