Q1) If total liabilities increased by $10,000 and the assets increased by $10,000 during the...
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Accounting
Q1)
If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting period, what is the change in the owner's equity amount?
A) No effect on owner's equity B) Decrease of $10,000 C) Increase of $20,000 D) Decrease of $40,000
Q2)
Which of the following entries records the owner taking cash for personal use?
A) Wage Expense, debit; Cash, credit B) Capital, debit; Cash, credit C) Withdrawals, debit; Cash, credit D) No entry is necessary since this is a personal transaction.
Q3)
Sally's Spices accrued and unpaid wages are $2,000. Which of the following is the required adjusting entry?
