Question $1(1$ point$)$

$$

Saved

Indicate whether the business activity noted below is an event or a transaction.

Purchased equipment with a credit card.

Question $1$ options:

$1)$

transaction

$2)$

event

Question $2(1$ point$)$

$$

Saved

Indicate whether the business activity noted below is an event or a transaction.

Purchased business cards using a business credit card.

Question $2$ options:

$1)$

transaction

$2)$

event

Question $3(1$ point$)$

$$

Saved

Indicate which financial reporting element the following account belongs in$.$

Equipment

Question $3$ options:

$1)$

revenues

$2)$

equity

$3)$

expenses

$4)$

assets

$5)$

liabilities

Question $4(1$ point$)$

$$

Saved

Indicate which financial reporting element the following account belongs in$.$

Rent payable

Question $4$ options:

$1)$

expenses

$2)$

equity

$3)$

liabilities

$4)$

assets

$5)$

revenues

Question $5(1$ point$)$

$$

Saved

Indicate which financial reporting element the following account belongs in$.$

Sales revenue

Question $5$ options:

$1)$

liabilities

$2)$

expenses

$3)$

revenues

$4)$

assets

$5)$

equity

Question $6(1$ point$)$

$$

Saved

Indicate which financial reporting element the following account belongs in$.$

Service revenue

Question $6$ options:

$1)$

liabilities

$2)$

revenues

$3)$

assets

$4)$

equity

$5)$

expenses

Question $7(1$ point$)$

$$

Saved

The transaction below affects BOTH the accounts named.

Received a bill for website design, $$3,490$: Website Design, Accounts Payable.

Question $7$ options:

$1)$ True$2)$ False

Question $8(1$ point$)$

$$

Saved

The transaction below affects BOTH the accounts named.

By the end of the month used up $$750$ of supplies you had on hand: Supplies Expense, Cash.

Question $8$ options:

$1)$ True$2)$ False

Question $9(1$ point$)$

$$

Saved

The transaction below affects BOTH the accounts named.

Bought equipment for $$4,000$ using a credit card: Equipment, Cash.

Question $9$ options:

$1)$ True$2)$ False

Question $10(1$ point$)$

$$

Saved

The transaction below affects BOTH the accounts named.

Purchased $$580,$ plus HST$,$ of supplies for cash: Supplies, Cash.

Question $10$ options:

$1)$ True$2)$ False