Ch. 1 Homework Flashcards
1
Q
accounts payable is a __________
A
liability
2
Q
accounts receivable is a __________
A
asset
3
Q
fees earned is __________
A
stockholder’s equity
4
Q
supplies is a __________
A
asset
5
Q
supplies expense is __________
A
equity
6
Q
utilities expense is __________
A
equity
7
Q
what effect does issued common stock in exchange for cash have on transactions?
A
increased
8
Q
what effect does received cash for services performed for customers have on transactions?
A
increased
9
Q
what effect does paid business expenses have on transactions?
A
decreased
10
Q
what effect does paid dividends have on transactions?
A
decreased
