Circle whether each of the following events/transactions will (I)ncrease, (D)ecrease, or have (No) effect on total assets.
(Circle the answer)
a. Record a cash sale to Customer Grant. (_____/ D / No)
b. Record a sale on account to Customer Casey. (_____/ D / No)
c. Record the receipt of cash from Customer Casey in (b). (I / D / _____)
d. Purchase supplies for cash. (I / D / _____)
e. Purchase equipment on account. (_____/ D / No)
f. Record depreciation for the equipment. (I / _____/ No)
g. Sell equipment at a gain for cash. (_____/ D / No)
h. Purchase short-term trading securities for cash. (I / D / _____)
i. At the end of the accounting period, the short-term trading securities purchased in (h) have increased in market value. (_____/ D / No)
j. Land purchased ten years ago has increased in market value. (I / D / _____)
k. The current market value of high-tech inventory is less than acquisition cost. (I / _____/ No)
l. Issue a bond payable at a discount for cash. (_____/ D / No)
m. Purchase treasury stock for cash. (I / _____/ No)
n. Pay cash dividends. (I / _____ / No)

  • CreatedSeptember 17, 2015
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