Quiz Ch 02 – Identifying Transactions that Decrease Stockholders’ Equity
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
What type of transaction results in a decrease in the equity of stockholders?
What type of transaction results in a decrease in the equity of stockholders?
Classify each account as an asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E) and indicate on which financial statement (Balance Sheet (BS), Income Statement (IS), Statement of Cash Flows (CF), or Statement of Retained Earnings (SRE)) the account would appear.
Which account is credited when recording the purchase of supplies on the account?
How is the transaction of an owner making a cash investment into the business and receiving shares of stock recorded?
How should the purchase of equipment, involving a cash down payment and a promise to pay the balance in the future, be recorded?
What account is debited when office computers are purchased with cash?
Which accounts are impacted by a debit entry?
Which of the following accounts have a normal debit balance?
What is the normal balance of the Accounts Receivable account, and why?
What is the impact of a journal entry with a debit to Accounts Payable and a credit to Cash?