multiple choice

1. Select the accounts affected by the following transaction: TJ Rex invests $50,000 to open a music store. Assets and Owner's Equity b. Assets and Liabilities C. Liabilities and Owner's Equity d. Capital and Owner's Equity 2. Select the accounts affected by the following transaction: TJ Rex uses credit to buy musical instruments to sell in the store. Assets and Owner's Equity b. Assets and Liabilities C. Liabilities and Owner's Equity d. Capital and Owner's Equity 3. Select the accounts affected by the following transaction: TJ Rex provides guitar lessons for $25 cash. . Cash and Accounts Payable b. Cash and Revenue C. Accounts Receivable and Revenue d. Cash and Expenses 4. Select the accounts affected by the following transaction: TJ Rex receives $100 for previous lessons provided on account. . Cash and Accounts Receivable b. Cash and Revenue C. Accounts Receivable and Revenue d. Cash and Expenses 5. Select the accounts affected by the following transaction: TJ Rex receives the utility bill but will wait and pay it next month. Cash and Accounts Receivable b. Cash and Revenue C. Accounts Receivable and Revenue d. Accounts Payable and Expenses 10. Which financial statement illustrates the accounting equation? a. Statement of Owner's Equity b. Income Statement C. Balance Sheet d. Statement of Cash Flows