Match the combination of changes in the accounting equation described below with

Question

Match the combination of changes in the accounting equation described below with the events listed below.

           

A) Assets increase; Assets decrease

B) Assets increase; Liabilities increase

C) Assets increase; Owner's equity increase

D) Assets decrease; Liabilities decrease

E) Assets decrease; Owner's equity decrease

F) Liabilities increase; Liabilities decrease

G) Liabilities increase; Owners' equity decreases

H) Liabilities decrease; Owners' equity increases

I) Owners' equity increases; Owners' equity decreases

J) Not recorded in accounting system

           

Borrowed cash

      [ choice ]            J            B            E            D            A            C            H      

Purchased a truck by paying cash

      [ choice ]            J            B            E            D            A            C            H      

Major client goes out of business

      [ choice ]            J            B            E            D            A            C            H      

Paid dividend to owners

      [ choice ]            J            B            E            D            A            C            H      

Creditor takes stock in the company in exchange for retiring debt

      [ choice ]            J            B            E            D            A            C            H      

Paid note that came due

      [ choice ]            J            B            E            D            A            C            H      

Customer pays bill in cash

      [ choice ]            J            B            E            D            A            C            H      

Owner made contribution to firm

[ choice ]            J            B            E            D            A            C            H

Explanation / Answer

Match the combination :

Borrowed cash B) Assets increase; Liabilities increase Purchased a truck by paying cash A) Assets increase; Assets decrease Major client goes out of business J) Not recorded in accounting system Paid dividend to owners E) Assets decrease; Owner's equity decrease Creditor takes stock in the company in exchange for retiring debt H) Liabilities decrease; Owners' equity increases Paid note that came due D) Assets decrease; Liabilities decrease Customer pays bill in cash A) Assets increase; Assets decrease Owner made contribution to firm C) Assets increase; Owner's equity increase

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