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Seneca College - HRM 732 Quiz 2 1)Collection of a $600 Accounts Receivable: 2

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Seneca College - HRM 732

Quiz 2

1)Collection of a $600 Accounts Receivable:

2. Jacksons Small Engine Repair Shop, a proprietorship, started the year with total assets of $60,000 and total liabilities of $40,000. During the year, the business recorded $100,000 in repair revenues,

$55,000 in expenses, and Mike Jackson, the owner, withdrew $10,000. Jackson's Capital balance at the end of the year was:

3. The common characteristic possessed by all assets is:
4. The accounting equation, for a proprietorship, may be expressed as:
5. If an owner makes a withdrawal of cash from a proprietorship, then:
6. In recording an accounting transaction in a double-entry system:
7. In the second month of operations, the total of the debit entries to the cash account amounted to

$900 and the total of the credit entries to the cash account amounted to $500. The opening balance of the cash account was $200. The cash account has a:

8. If a company reported a loss in the first month of operations, the loss would reduce owner’s capital and would be:
9. A list of accounts and their balances at a given time is called:
10. In the first month of operations, the total of the debit entries to the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $500. The cash account has a: