Part A: Indicate if the below noted business activity is an event or a transacti
ID: 2341943 • Letter: P
Question
Part A: Indicate if the below noted business activity is an event or a transaction. Input 'A' for event and B' for transaction. Solution Q1 Agreed to hire the local lawn care company for next summer's lawn care Q2 Purchased a business license with a credit card Part B: Indicate, for each of the below account names, which category the account is in. Input the element the account belongs in: 'A' for asset, 'B' for liabilities, C" for equity, 'D for revenue, and 'E for ex Solution: Q4 Q5 Q6 Rent payable Equipment Wages expense Rent revenue Part C: You and your friend are working on a question from Chapter 3 in ACC100. You were provided with a transaction and had to choose the accounts that would be affected. Your friend has the transaction and the accounts they think are the ones affected. Indicate if you AGREE (input A) or DISAGREE (input D) with their answer Transaction & Account Names t for $8,000, cash: Equi Solution Q7 Purchase equi Q8 Paid your credit card b of $2,500: Miscellaneous Expense, Cash. Q9 Paid to repaired the officep Q10 The bank provides a loan of S10,000: Bank Loan Payable, Cash Accounts Payable er for $185: Repair Expense, CashExplanation / Answer
Transactions: It is measured in terms of money and indicates the financial position of an enterprise.
Event: Events are arises due to consequence of transactions.
Part A:
Q1 Agreed to hire the local land care company for the next summer lawn care--- (A)
Q2: Purchased a business licence with credit card------ (B)
Part B:
Q3
Rent Payable
(B)
Q4
Equipment
(A)
Q5
Wages Expense
(E )
Q6
Rent Revenue
(D)
Part C:
Q7
Purchased Equipment for $8000 cash Equipment, Accounts Payable
(D )
Q8
Paid your credit card bill of $2500 Miscellaneous expenses ,Cash
(D)
Q9
Paid to repair the office photocopier Repair expense to cash
(A)
Q10
The bank provides a loan of $10000 ,Bank loan payable to cash
(D)
Correct Entries
Q7) : Equipment to Cash
Q8) Expenses to Credit card payable: Credit card Payable to cash
Q10) Cash to Bank Loan
Q3
Rent Payable
(B)
Q4
Equipment
(A)
Q5
Wages Expense
(E )
Q6
Rent Revenue
(D)