ACCT 211 Learnsmart Assignment 1 Liberty University Solution

If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by:

Which of the following statements below lists the rules of entering transactions into the accounting equation?

Describe the order in which a company prepares financial statements.

Which of the statement(s) below define(s) an asset? (Check all that apply)

Bob’s bakery receives its utility bill of $800 for the month and pays it immediately. Record this transaction in the accounting equation.

ABC Co. performs $200 of services for a customer, but does not get paid right away. Demonstrate how ABC Co. would record this transaction in the accounting equation by completing the following sentence. Note: enter one answer for each blank.

Jackson’s Catering Company provided cookies worth $3,000 to the local college. The college paid immediately. Record this transaction in Jackson’s accounting equation by:

The definition of revenues includes which of the following statements? Check all that apply.

The definition of expenses includes which of the following statements? Check all that apply.

The four major types of transactions that affect equity in a business are accounts, accounts, dividends and common stock. Note: enter one word for each blank.

Given the following list of accounts, identify which are classified as assets. Select all that apply.

Which of the following statements correctly represents the accounting equation?

Which list of accounts below, identifies only accounts that would appear on a balance sheet.

Dividends cause a(n) in equity and are recorded directly in the account.

When a business provides a service to a customer “on credit”, it means that: (Check all that apply)

Which of the following statements is/are true regarding the effect of revenues on the equity of a business? (check all that apply.)

The Accounts Payable account is a(n) ________ account.

Given the statements below, choose the most accurate definition of owner dividends.

Each of the financial statements on the left are described on the right. Identify the description that goes with each financial statement.

On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. The remainder of the bill went on account. To record this transaction on 6/25: Supplies would be increased by $_______; Cash would be decreased by $______; and Accounts Payable would be increased by $_______.

A customer of Landen Consulting Company makes a $400 payment of cash on a bill for services provided last month. Record this transaction into the accounting equation of Landen Consulting by: (Check all that apply)

Given the accounts below, choose all of the ones that affect equity. (check all answers that apply.)

Which statements below define equity?

Melton’s door company pays rent on the building facilities of $5000 on May 1. Show how to record this transaction in the accounting equation of Melton’s door company.

Jack pickle decided to start a small business as a corporation. His initial investment was $4,000 cash in exchange for common stock. Demonstrate how to record this transaction in the accounting equation.

Given the statements below, choose the most accurate definition of owner investments.