For each transaction, select the two effects it will have.
| Transaction | Effect 1 | Effect 2 | |
|---|---|---|---|
| 1 | Provided services and received cash | ||
| 2 | Provided services on account | ||
| 3 | Received payment from customers on account | ||
| 4 | Received payment in advance from customers | ||
| 5 | Paid wages earned this week | ||
| 6 | Paid 6 month’s rent in advance | ||
| 7 | Borrowed cash from the bank and signed a note | ||
| 8 | Loaned cash to employee who signed a note | ||
| 9 | Purchased equipment with cash | ||
| 10 | Purchases supplies on account | ||
| 11 | Received cash and issued stock | ||
| 12 | Paid for supplies bought earlier on account | ||
| 13 | Paid dividends to stockholders |
The Rest Of TheVideos
| 1 | Not completed | T-Accounts | 4 min |
| 2 | Not completed | Debits and Credits | 7 min |
| 3 | Not completed | Determining Normal Balances For Assets & Liabilities | 11 min |
| 4 | Not completed | Determining Normal Balance for Shareholder's Equity | 12 min |
| 5 | Not completed | Normal Balance Shortcut: Double Entry | 12 min |
| 6 | Not completed | Normal Balance Shortcut: DEAD Mnemonic | 3 min |
| 7 | Not completed | The Journal, Ledger, Trial Balance | 14 min |
Topic 3Practice Problems
| Click Here to View All Problems at Once | View | ||
| 1 | Not completed | Account Classification | Easy |
| 2 | Not completed | Journal Entry - Inventory | Easy |
| 3 | Not completed | Journal Entry - Sales | Easy |
| 4 | Not completed | Land Purchased With Cash | Easy |
| 5 | Not completed | T/F: Liabilities and Equity | Easy |
| 6 | Not completed | T/F: T-Account Logic | Easy |
| 7 | Not completed | Normal Balances | Moderate |
| 8 | Not completed | The Effect of Journal Entries You are here. | Moderate |
| 9 | Not completed | What Should Be Journaled | Moderate |