10 Questions
What is the total amount Vaughn deposits into the new business account for Cookie Creations?
$450
How much does Vaughn pay for advertising?
$60
What is the worth of the baking equipment that Vaughn invests in the business?
$270
How much cash does Vaughn's grandmother lend her for the business?
$1,800
What does Vaughn initially deposit into her personal bank account?
$470
How much does Vaughn spend on baking supplies?
$115
What is the purpose of preparing journal entries for the November transactions?
To record the financial effects of the transactions in the accounting system
What is the significance of indenting credit account titles when entering journal entries?
It helps to organize and visually distinguish debit and credit entries
When is it appropriate to select 'No Entry' for the account titles in a journal entry?
When there are no financial effects resulting from the transaction
What is the purpose of recording a down payment in advance for a future class?
To ensure accurate recognition of revenue in the period when the service is provided
Test your knowledge of accounting by answering questions about recording business transactions. This quiz is based on the activities of Vaughn Koebel and her business 'Cookie Creations'.
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