Account Cycle Full Cycle WK 1,5

LEVEL 1 ACCOUNT BALANCES Activity 2.a - The Four Items that Affect Equity Drag the items that affect equity into the expanded accounting equation, beginning with capital. Then, identify whether the item increases, '+', or decreases, '­'minus, equity. View drag and drop keyboard instructions Assets = Liabilities+ Owner Capital-Owner Withdraw+ Revenue – Expenses Activity 3.a - Classify the Accounts Classify which part of the expanded accounting equation each account title belongs to by dragging the account into the correct bucket. View drag and drop keyboard instructions Asset, Cash Accounts Receivable Office Supplies Furniture Notes Receivable Office Furniture Liability, Utilities Payable Accounts Payable Interest Payable Salaries Payable Rent Payable Owner, Capital, Owner, Capital Owner, Withdrawals, Owner, Withdrawals Revenue, Service Revenue Interest Revenue Expense, Interest Expense Advertising Expense Supplies Expense Activity 3.b - More Practice with Classifying Accounts Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses). Do not abbreviate any answers.