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BUS FP3061 McAndrewVanessa Assessment1 Attempt3

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BUS-FP3061 - Fundamentals of Accounting Assessment 1, Part 1 Instructions: When placing a (+) or (-) in the appropriate cell, be sure to use ( ) around the character. Also, Some cells may have both a (+) and (-) denoting an increase and decrease in the same equation category. Assets Liabilities 1. Purchased supplies on account (+) (+) 2. Received cash for providing a service (+) 3. Paid expenses in cash (-) 4. Owner invested cash in the business (+) 5. Owner withdraws cash from the business (-) 6. Received cash from a customer who had previously been billed for services provided (-) (+) 7. Paid cash to purchase equipment (+) (-) 8. Paid employee salaries (-) 9. Paid a creditor from whom the business had previously purchased supplies on account (-) 10. The company sells new shares of stock (+) 11. Paid cash for monthly rent on the office space (-) 12. Paid cash for monthly utility bills (-) 13. Performed services on account (+) 14. Made a payment on a loan received from the bank (-) 15. Purchased for cash merchandise that will be later resold for profit (+) (-) (-) (-) e character. me equation category. Owner's Equity (+) (-) (+) (-) (-) (+) (-) (-) (+) BUS-FP3061 - Fundamentals of Accounting Assessment 1, Part 2 Answer w/Calculations 1. The liabilities of the Smith Company are $120,000 and the owner's equity is $232,000. What is the the amount of Smith's total assets? Total Assets = Liabilities + Equity = $120,000 + $232,000 $352,0 ...
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