1, On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,364; Accounts Receivable, $8,912; Supplies, $1,907; Land, $24,813; Accounts Payable, $5,608. What is the amount of stockholders' equity as of July 1 of the current year?

2, The following entry was recorded in the books of Brighty Company.

Jan. 12	Inventory	8,000
	Accounts PayableHST, Inc.		8,000
	Purchased inventory on account.

What is the impact of this entry on the accounting equation?

a.a decrease in Assets and a decrease in Liabilities

b.a decrease in Assets and a decrease in Equity

c.an increase in Assets and an increase in Equity

d.an increase in Assets and an increase in Liabilities

3, On August 30, JumpStart incurred the following expenses: Payment to the landlord for August rent, $680 Payment to the Gas & Electric Company for August's bill, $230 Payment of employee wages for the last half of August, $3,461 Payment of shopping center's parking lot cleaning fee, $270

Journalize these payments as one journal entry. If an amount box does not require an entry, leave it blank.

Aug. 30	Accounts PayableAccounts ReceivableCommon StockRent ExpenseRetained Earnings	- Select -	- Select -
	Accounts ReceivableRetained EarningsWages PayableUtilities Expense	- Select -	- Select -
	Accounts PayableAccounts ReceivableRetained EarningsWages Expense	- Select -	- Select -
	Accounts PayableCommon StockMaintenance ExpenseRetained Earnings	- Select -	- Select -
	Accounts PayableCashMaintenance ExpenseRent ExpenseUtilities Expense	- Select -	- Select -