What is the effect on total assets and stockholders’ equity of paying the telephone bill as soon as it is received each month?
A. Decrease Total assets and No effect on Stockholders’ equity
B. No effect on Total assets and No effect on Stockholders’ equity
C. Decrease Total assets and Decrease Stockholders’ equity
D. No effect on Total assets and Decrease Stockholders’ equity
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Which of the following transactions will increase an asset and increase a liability?
A. Buying equipment on account.
B. Purchasing office equipment for cash.
C. Issuing stock.
D. Payment of an account payable.
Which of the following transactions will increase an asset and increase stockholders’ equity?
A. Collecting cash from a customer on an account receivable.
B. Performing a service on account for a customer.
C. Borrowing money from a bank.
D. Purchasing supplies on account.
Where do we first record a transaction?
A. Ledger
B. Trial balance
C. Account
D. Journal
Which of the following is not an asset account?
A. Common Stock
B. Salary Expense
C. Service Revenue
D. None of the listed accounts is an asset.
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