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
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
