1. debit refers to the right side of the t-account, and credit refers

1. Debit refers to the right side of the T-account, and credit refers to the left side.  





2. A chart of accounts is the book holding all of the company’s accounts.  





3. A business renders service to a client and sends out a sales invoice.  The amount will be collected from the customer at a later time. Which of the following would be TRUE at the time when the invoice is sent out? 


        Owner’s equity will decrease.

        Total liabilities will increase.

        Total assets will decrease.

        Net income will increase. 


4. Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year.  What amount of drawings was made? 



        $ 8,000   

        $ 5,000



5. A business settles a liability by making a payment with cash. How does paying this liability affect the accounting equation?


        Assets decrease; liabilities decrease.

        Liabilities decrease; owner’s equity increases.

        Assets increase; liabilities increase.

        Assets increase; liabilities decrease. 


6. The following transactions have been journalized and posted to the proper accounts.


• Mark Call invested $7,000 cash in his new design services business. 

• The business paid the first month’s rent of $700. 

• The business purchased equipment by paying $2,000 cash and executing a note payable for $4,500. 

• The business purchased supplies for $850 cash. 

• The business billed a client for $4,000 of design services completed. 

• The business received $3,000 of the account for the completed services. 


What is the balance in Cash?






        None of these is correct


7. By definition, which of the following represents the owners of a corporation?  







8. An account that normally has a debit balance may occasionally have a credit balance





9. The business receives cash from a customer that is owed to the company “on account,” based on services rendered to the customer previously. How does the collection of the cash affect the accounting equation? 


        Assets increase; owner’s equity increases.

        Assets increase; liabilities increase.

        One asset increases; one asset decreases.

        Assets decrease; owner’s equity decreases. 


10. Which of the following accounts decreases with a credit? 




        Accounts payable

        Notes Payable


Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Open chat
Need help?
for enquiries or orders talk to James here