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Hosted by Ms. Appel

Hosted by Ms. Appel. True/False 1. True/False 2. Affected Accounts. Type of Account. 100. 100. 100. 100. 200. 200. 200. 200. Final. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is True?. A transaction is a normal

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Hosted by Ms. Appel

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  1. Hosted by Ms. Appel

  2. True/False 1 True/False 2 Affected Accounts Type of Account 100 100 100 100 200 200 200 200 Final 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is True? A transaction is a normal business activity that changes assets, liabilities, or owner’s equity.

  4. Row 1, Col 2 What is True? A transaction for the sale of goods or services results in an increase in owner’s equity

  5. Row 1, Col 3 What are Cash and Owner’s Equity? Received Cash from Sales

  6. Row 1, Col 4 What is Asset? Accounts Receivable

  7. Row 2, Col 1 What is True? When a company makes a sale of $300.00, assets and owner’s equity increase by $300.00

  8. Row 2, Col 2 What is False? A decrease in owner’s equity because of a withdrawal is a result of the normal operations of a business.

  9. Row 2, Col 3 What are Cash and Accounts Payable? Paid cash on account Daily Double

  10. Row 2, Col 4 What is Liability? Accounts Payable

  11. Row 3, Col 1 What is False? A withdrawal is an expense

  12. Row 3, Col 2 What is True? Payments for advertising, equipment repairs, utilities, and rent are expense transactions.

  13. Row 3, Col 3 What are Cash and Owner’s Equity? Paid cash for telephone bill

  14. Row 3, Col 4 What is Owner’s Equity? Capital

  15. Row 4, Col 1 What is False? Revenue is a decrease in owner’s equity resulting from the operation of a business.

  16. Row 4, Col 2 What is True? Daily Double The most common type of withdrawal by an owner from a business is the withdrawal of cash

  17. Row 4, Col 3 What are Cash and Supplies? Paid Cash for Supplies

  18. Row 4, Col 4 What is Revenue? Sales

  19. Row 5, Col 1 What is False? Two transactions that decrease owner’s equity are withdrawals and liabilities

  20. Row 5, Col 2 What is True? An established business should rarely experience a decrease in owner’s equity

  21. Row 5, Col 3 What are Cash and Accounts Receivable? Received payment on account

  22. Row 5, Col 4 What is Expense? Rent Payment

  23. Final Jeopardy Category: Changes in Owner’s Equity Recording an expense transaction in an accounting equation causes this to happen to liabilities

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