1. Purchasing Equipment for cash by $25000 was recorded: Debit Equipment $52000 and Credit A/P $52000, the correcting entry will be?

a. Credited Cash by $27000.

b. Credited Equipment by $27000.

c. Debited Equipment by $27000.

d. Credited Cash by $27000.

2. Purchasing Equipment for cash by $25000 was recorded: Debit Equipment $25000 and Credit Account Payable (A/P) $25000, the correcting entry will be?

a. Debited A/P by $25000.

b. Credited A/P by $25000.

c. Debited Cash by $25000.

d. Credited Equipment by $25000.

3. Purchasing Equipment on account by $25000 was recorded: Debit Land $25000 and Credit Cash $25000, the correcting entry will be?

a. Credited Equipment by $25000.

b. Credited A/P by $25000.

c. Credited Land by $25000.

d. Credited Cash by $25000.

4. the statement of financial position for 2020 were as following:Cash $12000, A/R $10000, Prepaid Insurence for 6 months $8000, Land $20,000, Equipment $10000, A/P $5000, Unearned Revenue $6000, N/P for 3 months $4000, Bonds payable for 5 years $12000, N/P for two years $3000, Share Capital $22000, Retained Earnnings $8000, what is the total Equity?

a. $12000.

b. $15000.

c.$30000.

d. $11000.

5. the statement of financial position for 2020 were as following:Cash $12000, A/R $10000, Prepaid Insurence for 6 months $8000, Land $20,000, Equipment $10000, A/P $5000, Unearned Revenue $6000, N/P for 3 months $4000, Bonds payable for 5 years $12000, N/P for two years $3000, Share Capital $22000, Retained Earnnings $8000, what is the total current asset?

a. $8000.

b. $12000.

c. $22000.

d. $30000.