Author Question: Transactions affecting owner's equity include a. owner's investments and payment of liabilities b. ... (Read 109 times)

mydiamond · **on:** Jul 6, 2018

Transactions affecting owner's equity include
a. owner's investments and payment of liabilities
b. owner's investments, owner's withdrawals, earning of revenues, and incurrence of expenses
c. owner's investments, earning of revenues, incurrence of expenses, and collection of accounts receivable
d. owner's withdrawals, earning of revenues, incurrence of expenses, and purchase of supplies on account

Question 2

If a county sells a capital asset with a net book value of 35,000 for 27,000, the conversion worksheet adjustment would include a

a. DEBIT to other financing sources.
b. DEBIT to loss on sale of capital assets.
c. CREDIT to other financing sources.
d. CREDIT to loss on sale of capital assets.
e. Both items a and b.
f. Both items c and d.