Question: Please answer questions 1-5. If they are correct I will upvote! Thank you! You may need to zoom in to see the questions. Question 1

 Please answer questions 1-5. If they are correct I will upvote!

Please answer questions 1-5. If they are correct I will upvote! Thank you!

You may need to zoom in to see the questions.

Question 1 Bob is starting a new business by putting $10,000 cash into the business. The credit for this transaction would be O $10,000 increase (credit) to Bob's Capital Account $10,000 credit to cash O $5,000 credit to cash and a $5,000 credit to Bob's Capital Account Question 2 When inventory is sold, there are two thing happening: 1) we have to remove the inventory from the books, and 2) we have to record the revenue. We record the revenue with an increase to the revenue account and what else? increase to accounts payable O increase to cash or accounts receivable o increase to inventory Question 3 We show an increase in an asset account with a O either a debit or a credit O credit O debit Question 4 Assets = Liabilities + ? stock 0 nothing O owners' equity Question 5 We show a decrease in a liability with a O neither O credit debit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!