$1.$ Which of the following journal entries best describe the collection of cash from a customer thatwas previously owed to the business:A$.$ Dr$.$ Cash $$10,000,$ Cr$.$ Revenue $$10,000$B$.$ Dr$.$ Cash $$10,000,$ Cr$.$ Accounts Receivable $$10,000$C$.$ Dr$.$ Revenue $$10,000,$ Cr$.$ Cash $$10,000$D$.$ Dr$.$ Accounts Receivable $$10,000,$ Cr$.$ Cash $$10,000$E$.$ None of the Above$2.$ Which of the following best describes the relationship between the statement of cash flowsand the income statement?A$.$ The income statement aggregates activities of the company over the accounting period,while the statement of cash flows focuses on cash activities as of one point in time.B$.$ The statement of cash flows aggregates activities of the company over the accountingperiod, while the income statement focuses on activities as of one point in time.C$.$ Both the statement of cash flows and the income statement aggregate activities of thecompany over the accounting period, but the statement of cash flows focuses onaccounting profits while the income statement focuses on the changes in cash.D$.$ Both the statement of cash flows and the income statement aggregate activities of thecompany over the accounting period, but the income statement focuses on accountingprofits while the statement of cash flows focuses on the changes in cash.E$.$ Both the statement of cash flows and the income statement focus on activities as of onepoint in time$\mathrm{.}3.$ Which of the following best describe the interrelatedness of the financial statements?A$.$ The Statement of Cash Flows presents a reconciliation of the Net Income or Loss fromthe Income Statement to the Ending Balance in Operating Cash FlowsB. The Statement of Retained Earnings presents the changes in Retained Earnings from theNet Income or Loss from the Income Statement and the Ending Balance flows to theBalance SheetC. The Balance Sheet reports the beginning and ending balance of cash, which are detailedin the calculations on the Statement of Cash FlowsD. All of the AboveE. None of the Above$4.$ Which of the following best represents a cash flow from investing activities for CompanyABC?A$.$ A shark invests $$100,000$ into Company ABC in exchange for $30\%$ equityB. Citibank provides a loan of $$10,000$ to Company ABCC. Company ABC purchases a factory for $$10$ MillionD. Both A and BE$.$ Both B and C$5.$ On September $30,20$X$4,$ Foot Locker purchases a line of Nike shoes $($to be resold$)$ from avendor for $$95,000$ with a promise to pay later. Which of the following best represents thechange in the accounting equation as of September $30,20$X$4?$A$.$ Total assets increase, total liabilities increase, and total owners equity increasesB. Total assets increase, total liabilities increase, and total owners equity has no changeC. Total assets increase, total liabilities have no change, and total owners equity increasesD. Total assets increase, total liabilities have no change, and total owners equity decreasesE. There is no change to the accounting equation