For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided.
If you have difficulty answering the following questions, learn more about this topic by reading our Balance Sheet (Explanation).
Statement Of Operations
Statement Of Financial Position
Period Of Time
Point In Time
Expenses
Gains
Liabilities
Losses
Accounts Payable
Prepaid Insurance
Unearned Revenue
Accumulated Depreciation
Mary Smith, Capital
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Accounts Receivable (asset)
Prepaid Services (asset)
Service Revenues (revenue)
Unearned Revenues (liability)
Accounts Receivable
Service Revenue
Owner's Equity
Decrease Assets By $3,500
Increase Owner's (Stockholders') Equity By $3,500
Accounts Receivable
Land
Prepaid Insurance
Supplies
Note Payable Due In Two Years
Unearned Revenue
Owner's/Stockholders' Equity Decreases
None
Assets Decreased
Liabilities Increased
No Effect On Owner's Equity
Assets
Liabilities
Owner's/Stockholders' Equity
Current Assets
Current Liabilities
Long-term Liabilities
$4,000
$48,000
No Liability
$20,000
$30,000
$70,000
$120,000
True
False
True
False
True
False
True
False
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