Production

Trade action

Consumption/nACC 201 Quiz Chapter 1

NAME

1) Alex Vera decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. Analyze the following transactions

for the month of June in terms of their effect on the basic accounting equation Record each transaction by increasing (+) or decreasing (-) the dollar

amount of each item affected. Show how the equation is in balance by completing the equation with total amount of Assets = Liabilities + Equity (25

points)

Transactions

(1) Issued stock in exchange for $20,000 cash on June 1.

(2) Purchased equipment for $4,000 paying $3,000 in cash and the remainder due in 30 days.

(3)

Purchased supplies for $1,500 cash.

(4)

Received a bill from College News for $400 for advertising in the campus newspaper.

(5) Cash receipts from customers for cleaning and laundry amounted to $2,400.

(6) Paid salaries of $600 to student workers.

(7)

Billed the Lion Soccer Team $650 for cleaning and laundry services.

(8)

Paid $300 to College News for advertising that was previously billed in Transaction 4.

Paid dividends of $1,100.

(9)

(10) Incurred utility expenses for the month on account, $200.

Transaction

(1)

(2)

(3)

(4)

TOTALS

(5)

(6)

(7)

(8)

(9)

(10)

Cash

0

ASSETS

Accounts

Receivable Supplies Equipment Payable

Accounts Common

Stock

0

0

0

EQUITY

Retained Earnings

Revenue Expense Dividend

0

Total assets, liabilities and stockholders' equity to prove accounting equation is balanced.

LIABILITIES

ASSETS

0

STOCKHOLDERS' EQUITY

0

99.

ZOOM

+/n5. Experimental Procedure

5.1. Test procedure

When conducting a tensile test, it is important to check that the specimen is free from any

unusual defects which may cause erroneous results. The cross-section of the sample must

then be measured using a pair of mechanical vernier callipers.

Your demonstrator will assign your group ONE of the specimens from Table 1. Tabulate the

specimen's name and the measurements of the cross-section below. The gauge length of all

the specimen is 80 mm.

Specimen

Width (mm)

Thickness (mm)

Cross-sectional area (mm²)