A 4.1 - Adams Accounting Services - 5-6

J. Adams started an accounting firm. Analyze the following transactions and choose what accounts will be impacted.
Name: 


  1. Ms. Adams invested $75,000 of her personal savings in the business.
    Cash in Bank
    Office Equipment
    Accounts Payable
    Accounts Receivable
    Office Supplies
    J. Adams, Capital


  1. The business sold a used laser printer on account for $1,500.
    Cash in Bank
    Office Equipment
    Accounts Payable
    Accounts Receivable
    Office Supplies
    J. Adams, Capital


  1. The business bought office supplies from Central Supply for $850 cash.
    Cash in Bank
    Office Equipment
    Accounts Payable
    Accounts Receivable
    Office Supplies
    J. Adams, Capital


  1. The business purchased word processing equipment for $9,500 on account from Northern Office Equipment Company.

    Cash in Bank
    Office Equipment
    Accounts Payable
    Accounts Receivable
    Office Supplies
    J. Adams, Capital


  1. The business paid $3,500 on account to Northern Office Equipment Company.
    Cash in Bank
    Office Equipment
    Accounts Payable
    Accounts Receivable
    Office Supplies
    J. Adams, Capital


  1. Ms. Adams transferred an office file cabinet of her own valued at $375 to the business.
    Cash in Bank
    Office Equipment
    Accounts Payable
    Accounts Receivable
    Office Supplies
    J. Adams, Capital


  1. What account classification is Cash in the Bank?
    Asset
    Liability
    Owner's Equity


  1. What account classification is Office Equipment?
    Asset
    Liability
    Owner's Equity


  1. What account classification is Accounts Payable?
    Asset
    Liability
    Owner's Equity


  1. What account classification is Accounts Receivable?
    Asset
    Liability
    Owner's Equity





Mrs. Chang
North Hunterdon Business Instructor
North Hunterdon High School
Annandale, NJ