| Multiple Choice |
| 1. | b |
2. | d
|
3. | d |
| 4. | c |
5. | c |
6. | c |
| 7. | c |
8. | d |
 |
| Reinforcement Problems |
| LG | 6-1. | |
|
a. Borrowing
money; purchasing assets on credit; receiving a prepayment from a
customer. b. Purchasing an asset for cash; using an asset to exchange for a different asset; collecting an account receivable. c. Expense: An asset is used up while operating the business, such as using up supplies; the owner withdraws cash or other assets. d. Not possible. (Notice that the accounting equation would not balance.) e. A bill for services is received but not immediately paid, such as telephone expense; wages are owed to employees. f. A bill is paid; a loan is repaid. g. The business performs services for a customer from whom it had previously received an advance payment. |
||
Learning
Goal 6
SOLUTIONS
|
Learning
Goal 6: Analyze Individual Transactions
|
S1
|
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