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problem1: Which of the following reflects payment of a utilities bill from the power company?

[A] Cash decrease; Utilities Expense decrease

[B] Cash decrease; Utilities Payable increase

[C] Utilities Expense increase; Cash decrease

[D] Utilities Payable decrease; Cash increase

problem2: Clinton Repair Shop returned Office Supplies purchased on account. Which of the following illustrates the impact of this transaction?

[A] Office Supplies increase; Accounts Payable increase

[B] Accounts Payable decrease; Office Supplies decrease

[C] Cash increase; Office Supplies decrease

[D] Office Supplies increase; Cash decrease

problem3: Clinton Repair shop paid creditors on account. Which of the following demonstrates the impact of this transaction?

[A] Accounts Receivable increase; Cash decrease

[B] Cash increase; Account Receivable decrease

[C] Cash increase; Accounts Payable increase

[D] Accounts Payable decrease; Cash decrease

problem4: John Tortoro, M.D. billing for the month of January amounted to $85,000. Of this total, $60,000 was received in cash and the remainder is on account. Which of the following illustrates the impact on the accounting records?

[A] Cash increase $85,000; Fees Earned increase $85,000

[B] Fees Earned increase $85,000; Accounts Receivable increase $25,000; Cash increase $60,000

[C] Cash increase $60,000; Accounts Receivable decrease $25,000; Fees Earned increase $85,000

[D] Fees Earned increase $60,000; Accounts Receivable decrease $25,000; Cash increase $85,000

problem5: An owner’s withdrawal of cash from the company for personal use impacts which of the following accounts?

[A] Accounts Payable decrease; Cash decrease

[B] Owner’s drawing increase; Cash decrease

[C] Wage Expense increase; Cash decrease

[D] Owner’s Capital decrease; Cash increase

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921723

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