Reporting equity: try it out

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4 Terms

1
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<p>How much equity does the owner have?</p><ul><li><p>$35,000</p></li><li><p>$55,000</p></li><li><p>$95,000</p></li><li><p>$125,000</p></li></ul><p></p>

How much equity does the owner have?

  • $35,000

  • $55,000

  • $95,000

  • $125,000

$95,000

<p>$95,000</p>
2
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<p>What is the net income for the month of June?</p><ul><li><p>$67,562.18</p></li><li><p>$43,388.32</p></li><li><p>$22,874.68</p></li><li><p>$22,768.43</p></li></ul><p></p>

What is the net income for the month of June?

  • $67,562.18

  • $43,388.32

  • $22,874.68

  • $22,768.43

$22,874.68

<p>$22,874.68</p>
3
New cards
<p>Based on the capital contribution of $5,500, which should be credited and debited?</p><ul><li><p>Debit equity $5,500 and credit assets $5,500</p></li><li><p>Debit assets $5,500 and credit equity $5,500</p></li><li><p>Credit equity $11,000</p></li></ul><p></p>

Based on the capital contribution of $5,500, which should be credited and debited?

  • Debit equity $5,500 and credit assets $5,500

  • Debit assets $5,500 and credit equity $5,500

  • Credit equity $11,000

Debit assets $5,500 and credit equity $5,500

<p>Debit assets $5,500 and credit equity $5,500 </p>
4
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<p>Based on the owner keeping the payment, which accounts should be credited and debited?</p><ul><li><p>Debit the owner’s draw by $4,567.12 and credit the consulting revenue account by $4,567.12</p></li><li><p>Credit the owner’s draw by $4,567.12 and debit the consulting revenue account by $4,567.12</p></li><li><p>Credit the owner’s draw $4,567.12 only</p></li><li><p>Debit the owner’s draw $4,567.12 only</p></li></ul><p></p>

Based on the owner keeping the payment, which accounts should be credited and debited?

  • Debit the owner’s draw by $4,567.12 and credit the consulting revenue account by $4,567.12

  • Credit the owner’s draw by $4,567.12 and debit the consulting revenue account by $4,567.12

  • Credit the owner’s draw $4,567.12 only

  • Debit the owner’s draw $4,567.12 only

Debit the owner’s draw by $4,567.12 and credit the consulting revenue account by $4,567.12

<p> Debit the owner’s draw by $4,567.12 and credit the consulting revenue account by $4,567.12</p>