Multiple choice: as debits.The drawing account is shown as a debit.d. Expenses are shown as credits.C.. The proof that the debits and credits in the ledger are equal is called thetrial balance.a.b. journal.statement of owner's equity.C.d. income statement.15. A common business transaction that would not affect the amount of owners'equity isa. signing a note payable to purchase equipment.telyb. payment of property taxes.billing of customers for services rendered.с.d. payment of dividends.16. Summit Company paid Hacienda Products, a creditor, on account Thetransaction would involve at isa.debit to Cash.(b.) credit to Accounts Payable.219

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The proof that the debits and credits in the ledger are equal is called the trial balance. a. b. journal. statement of owner's equity. d. income statement. C.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 9E: Determine on which financial statement each account listed below is reported. Use the following...

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Question

Multiple choice:

as debits.
The drawing account is shown as a debit.
d. Expenses are shown as credits.
C.
. The proof that the debits and credits in the ledger are equal is called the
trial balance.
a.
b. journal.
statement of owner's equity.
C.
d. income statement.
15. A common business transaction that would not affect the amount of owners'
equity is
a. signing a note payable to purchase equipment.
tely
b. payment of property taxes.
billing of customers for services rendered.
с.
d. payment of dividends.
16. Summit Company paid Hacienda Products, a creditor, on account The
transaction would involve a
t is
a.
debit to Cash.
(b.) credit to Accounts Payable.
219

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