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Accounting 211 (PSU) Exam 1 Questions With All Solved Solutions.

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Operating Transactions - Answer Everyday Routine Transactions: Cash from sales, receive cash interest, pay company for supplies, employee salaries, rent expenses, etc. Investing Transactions - Answer sale and purchase from long term assets: from sale of property/equipment, to purchase equipment, investing in other firms Financing Transactions - Answer From issuing long term debt (note payable), issuing common stock, to repay long term debt/dividends Income Statement - Answer Revenue- Expenses= Net Income Asset - Answer Asset Account Balance Sheet DEBIT Normal Balance Increase by DEBIT Decrease by CREDIT Land - Answer Asset Account Balance Sheet DEBIT Normal Balance Increase by DEBIT Decrease by CREDIT Cash - Answer ASSET Account Balance Sheet/St. of Cash Flows DEBIT Normal Balance

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Accounting 211 (PSU) Exam 1 Questions
With All Solved Solutions.
Operating Transactions - Answer Everyday Routine Transactions:

Cash from sales, receive cash interest, pay company for supplies, employee salaries, rent expenses, etc.



Investing Transactions - Answer sale and purchase from long term assets:

from sale of property/equipment, to purchase equipment, investing in other firms



Financing Transactions - Answer From issuing long term debt (note payable), issuing common stock, to
repay long term debt/dividends



Income Statement - Answer Revenue- Expenses= Net Income



Asset - Answer Asset Account

Balance Sheet

DEBIT Normal Balance

Increase by DEBIT

Decrease by CREDIT



Land - Answer Asset Account

Balance Sheet

DEBIT Normal Balance

Increase by DEBIT

Decrease by CREDIT



Cash - Answer ASSET Account

Balance Sheet/St. of Cash Flows

DEBIT Normal Balance

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