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Classify the following items as investment by owner (I), owners drawings (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases owners equity.(1) Drawings (2) Rent Revenue (3) Advertising Expense(4) Owner puts personal assets into the business

Chapter 1, DO IT! Review #2
Classify the following items as investment by owner (I), owner’s drawings (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases owner’s equity.
(1) Drawings
(2) Rent Revenue
(3) Advertising Expense
(4) Owner puts personal assets into the business


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1. Drawings is owners drawings (D); it decreases owners equity…View the full answer

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Related Book For answer-question
Accounting Principles

Accounting Principles

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-0470533475

Answers for Questions in Chapter 1

Brief Exercises:
Broadening Your Perspective:
DO IT! Review:
Exercises:
Problem Set A:
Problem Set B:
Questions:

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