2. Directions: Write the Correct answer on the space provided before the number.(Please refer to the picture) 2. Directions: Write the Correct answer on the space provided before the number.1. A business organization owned by only one owner.2. Two or more persons combine their property and industry3. Has a legal entity entered by the operation of law.4. Includes company name, the statement of equity and the date5. The first investment made by the business.6. Decreases the equity account because the business withdrew cash7. The owner of a single proprietorship business.8. The owners of a partnership business.9. The term for the owner of a corporation.10. Formed in accordance with a cooperative code of the Philippines

There are various forms of business organization like a sole proprietorship, partnership, and…

Answered: 2. Directions: Write the Correct answer…

2. Directions: Write the Correct answer on the space provided before the number. 1. A business organization owned by only one owner.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....

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For each transaction In Column D, numbered 1 through 12 below, identify its effect for the current year on the accounting equation by selecting from a through h below. You may use each letter more than once or not at all. ANSWER HERE # Transaction Accounting Equation Effects g 1 Purchased computer equipment for cash a. + A and + L 2 Received cash in exchange for the issuance of a note payable b. + A and + SE (Contributed Capital) 3 Purchased building and land in exchange for a mortgage note payable c. + A and + SE (Retained Earnings) 4 Received cash in exchange for the issuance of common stock d. - A and - L 5 Purchased computer supplies on account e. - A and - SE (Contributed Capital) 6 Provided computer services to customers for cash f. - A and - SE (Retained Earnings) 7 Paid an account payable g. + A and - A 8 Provided computer services to customers…
For each transaction, indicate whether the assets, liabilities, or owner’s equity increased (I),decreased (D) or Did not Change (NE). Assets, Liabilities, and Owner’s Equity 1 Purchase of supplies on credit2 Paid utility expense3 Received a loan granted by the bank4 Withdraws cash from the business5 Paid salaries and wages6 Received cash from customers as sales7 Received a promissory note from rentalbusiness8 Paid advertising expense9 Paid ₱1,000 to creditors10 Billed customer for video rental
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1. Record the effect of the following transactions on the accounting equation using a table similar tothe example.a. Owen inherited $20,000 and invested the cash in the business.b. Performed services for a client and received cash of $700.c. Purchased supplies on account, $1,000d. Invested personal cash of $1,000 in the business.e. Performed services to clients and received cash of $2,400f. Paid office rent expenses, $ 900 and advertising expense $100.g. Withdrew cash of $1,800 for personal use. Prepare Income Statement and Balance Sheet.