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ACC 231 Exam 1 Review Questions with complete solution 2025/2026

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ACC 231 Exam 1 Review Questions with complete solution 2025/2026 What is an example of stockholder's equity? - correct answer Common Stock We buy a building on notes payable to use as our new office space. What is our Journal Entry? - correct answer Debit - Building, Credit - Notes Payable Dwight performs $500 of service to Michael that will be paid in 30 days. What is Dwight's Journal Entry? - correct answer Debit - Accounts Receivable, $500. Credit - Service Revenue, $500 Michael buys $50 of supplies from Dwight on Account. What is Michael's Journal Entry? - correct answer Debit - Supplies, $500. Credit - Accounts Payable $500 We buy $10 of wings as a business expense, what is our Journal Entry? - correct answer Debit - Business Expense, Credit - Cash What accounts are increased with Debit

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ACC 231 Exam 1 Review Questions
with complete solution 2025/2026
What is an example of stockholder's equity? - correct answer ✔Common Stock



We buy a building on notes payable to use as our new office space. What is our Journal Entry? - correct
answer ✔Debit - Building, Credit - Notes Payable



Dwight performs $500 of service to Michael that will be paid in 30 days. What is Dwight's Journal Entry?
- correct answer ✔Debit - Accounts Receivable, $500. Credit - Service Revenue, $500



Michael buys $50 of supplies from Dwight on Account. What is Michael's Journal Entry? - correct
answer ✔Debit - Supplies, $500. Credit - Accounts Payable $500



We buy $10 of wings as a business expense, what is our Journal Entry? - correct answer ✔Debit -
Business Expense, Credit - Cash



What accounts are increased with Debit? - correct answer ✔Assets, Dividends, Expenses



We pay Ryan for his new important role in our company. What is our Journal Entry? - correct answer
✔Debit - Wage Expense, Credit - Cash



What accounts increase with a credit? - correct answer ✔Revenue, Owner's Equity, Liabilities



What accounts are on the Income Statement? - correct answer ✔Revenues and Expenses



What is an advantage of a Sole Proprietorship? - correct answer ✔You receive all business profits

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