Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q1) if total liabilities increased by $10,000 and

Q1) If total liabilities increased by $10,000 and the assets increased by $10,000 during the...

60.1K

Verified Solution

Question

Accounting

Q1)

If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting period, what is the change in the owner's equity amount?

A) No effect on owner's equity B) Decrease of $10,000 C) Increase of $20,000 D) Decrease of $40,000

Q2)

Which of the following entries records the owner taking cash for personal use?

A) Wage Expense, debit; Cash, credit B) Capital, debit; Cash, credit C) Withdrawals, debit; Cash, credit D) No entry is necessary since this is a personal transaction.

Q3)

Sally's Spices accrued and unpaid wages are $2,000. Which of the following is the required adjusting entry?

A) Debit Cash, $2,000; credit Salaries Expense, $2,000 B) Credit Salaries Expense, $2,000; debit Salaries Payable, $2,000 C) Debit Salaries Payable, $2,000; credit Cash, $2,000 D) Debit Salaries Expense, $2,000; credit Salaries Payable, $2,000

Q4)

Equipment with a cost of $590,000 has an accumulated depreciation of

$350,000. What is the book value of the equipment?

A) $306,250 O B) $240,000 C) $43,750 D) $120,000

Answer with just brief explanation(Formula) please.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students