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Multiple choice: 1. You opened up a business and invested ₱5M cash as the business’ initial capital. Which of the following accounts is increased and therefore debited? A. Cash B. Owner's equity C. Accounts Payable D. Accounts Receivable 2. A business owner’s contribution to the business results in A. an increase in assets and an increase in income. B. a decrease in assets and an increase in owner’s equity C. an increase in assets and an increase in liabilities. D. an increase in assets and an increase in owner’s equity.

Multiple choice: 1. You opened up a business and invested ₱5M cash as the business’ initial capital. Which of the following accounts is increased and therefore debited? A. Cash B. Owner's equity C. Accounts Payable D. Accounts Receivable 2. A business owner’s contribution to the business results in A. an increase in assets and an increase in income. B. a decrease in assets and an increase in owner’s equity C. an increase in assets and an increase in liabilities. D. an increase in assets and an increase in owner’s equity.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 2SEA: DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The...
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Multiple choice: 1. You opened up a business and invested ₱5M cash as the business’ initial capital. Which of the following accounts is increased and therefore debited? A. Cash B. Owner's equity C. Accounts Payable D. Accounts Receivable 2. A business owner’s contribution to the business results in A. an increase in assets and an increase in income. B. a decrease in assets and an increase in owner’s equity C. an increase in assets and an increase in liabilities. D. an increase in assets and an increase in owner’s equity.
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