BUS 201 Quiz 1 STUDENT NAME PART A: SHORT QUESTIONS, NOpARTIALCREDIT (30 points,

Question

BUS 201 Quiz 1 STUDENT NAME PART A: SHORT QUESTIONS, NOpARTIALCREDIT (30 points, 5 rrs EACH) Which of the following is included on the balance sheet? B) Expenses C) Assets D) Dividends A) Revenues 2. Which of the following transactions will affect the balance of Retained Earnings? A) issued common stock for cash C) purchased land for cash B) paid rent expense for the month D) collection on account 3, Your business sold supplies of $500 on account. The journal entry to record this transaction is as follows: A. Supplies B. Supplies C. Inventory D. 500 500 500 500 Accounts payable Accounts receivable Accounts Payable Supplies 500 500 Accounts receivable 500 500

Explanation / Answer

Anwers as follows

D. Dividend

2.Purchase land for cash

D. Accouts receivable 500

                Supplies               500

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