Which of the Following Transactions Will Affect the Balance of Owner's

question 61

Multiple Choice

Which of the following transactions will affect the balance of Owner's Equity?

• A)received cash in advance for services to be provided later
• B)paid rent expense for the month
• C)purchased land for cash
• D)collection on account

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Definitions:

General Ledger

The primary accounting record of a company that uses double-entry bookkeeping, summarizing all transactions.

Chart of Accounts

A structured list of all the financial accounts in the general ledger of a company.

Two-digit Numbering

Two-digit Numbering is a numerical system that uses two digits to identify or categorize items, often used for coding purposes in various contexts.

Accounts Payable

Funds that a company owes to its suppliers for products or services that have been delivered but remain unpaid.