Principles of Accounting Quiz 1 Chapter 1 10 Points NAME Sho

Principles of Accounting Quiz 1 Chapter 1, 10 Points NAME Show by additions and subtractions, (), the effects of the following transactions on the accounts. Total the schedule and prove the equation. (5 points) Cash Accounts Supplies + Office Retained Earnings + Revenues- Expenses Dividends Accounts | + Common Receivable Equipment Payable Stock Issued Stock in exchange for $50,000 a. b. Purchased Office Equipment for Cash, Billed Customer for services performed $3,000 C. d. Purchased supplies on account, $100 e. Received partial payment from customer in c, 500 f. Made partial payment on d, $50 Received bill for rent, $700. Will make payment in one week. Paid salaries of $2000 Declared and paid $500 dividend g. h. i. Column Totals Equation Totals

Solution

Retained Earnings Cash Accounts Receivable Supplies Office   Equipment Accounts Payable CommonStock Revenues Expenses Dividends Issued stock in exchange for $50,000. 50000 50000 Purchased office equipment on account,$4000 -4000 4000 Billed customer for services performed,$3000 3000 3000 Purchased supplies for Account, $100 100 100 Received partial payment from customer in c, $500 500 -500 Made partial payment on d, $50 -50 -50 Received bill for utilities, $700. Will make payment in one week. 700 700 Paid salaries of $2000 -2000 2000 Declared and paid $500dividend. -500 500 Colume Total 43950 2500 100 4000 750 50000 3000 2700 500 Equation Total 50550 50550