11 At the end of its first month of operations, Michael's Consulting Services reported net income of $25,300 They also had account balances of Cash, $18,200 Office Supplies, $2,050 and Accounts Receivable $10,100 The sole stockholders total investment in exchange for common stock for this first month was $5,050 There were no dividends in the first month Calculate the amount of total equity to be reported on the balance sheet at the end of the month Multiple Choice $30,350 $25,300 $20,250 $5,050 $7,100 12 J Brown Consulting immediately paid $660 cash for utilities for the current month Given the choices below, determine the general journal entry that J Brown Consulting will make to record this transaction Multiple Choice Utilities Expense 660 Cash 660 Cash 660 Utilities Expense 660 Cash 660 Accounts Payable 660 Utilities Expense 660 Accounts Payable 660 Prepaid Utilities 660 Accounts Payable 660 13 Able Graphics received a $900 utility bill for the current month's electricity It is not due until the end of the next month which is when they intend to pay it Which of the following general journal entries will Able Graphics make to record this transaction Multiple Choice Utilities Expense 900 Cash 900 Cash 900 Utilities Expense 900 Utilities Expense 900 Accounts Payable 900 Accounts Payable 900 Utilities Expense 900 No journal entry is required 14 On August 31 of the current year, the assets and liabilities of Gladstone, Inc are as follows Cash $31,350 Supplies, $710 Equipment, $10,900 Accounts Payable, $9,700 What is the amount of equity as of August 31 of the current year Multiple Choice $32,550 $31,840 $33,260 $10,040 $11,460 15 The credit purchase of a new oven for $5,700 was posted to Kitchen Equipment as a $5,700 debit and to Accounts Payable as a $5,700 debit What effect would this error have on the trial balance Multiple Choice The total of the Debit column of the trial balance will exceed the total of the Credit column by $5,700 The total of the Credit column of the trial balance will exceed the total of the Debit column by $5,700 The total of the Debit column of the trial balance will exceed the total of the Credit column by $11,400 The total of the Credit column of the trial balance will exceed the total of the Debit column by $11,400 The total of the Debit column of the trial balance will equal the total of the Credit column

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11. At the end of its first month of operations, Michael's Consulting Services reported net income of $25,300. They also had account balances of: Cash,

11. At the end of its first month of operations, Michael's Consulting Services reported net income of $25,300. They also had account balances of: Cash, $18,200; Office Supplies, $2,050 and Accounts Receivable $10,100. The sole stockholders total investment in exchange for common stock for this first month was $5,050. There were no dividends in the first month. Calculate the amount of total equity to be reported on the balance sheet at the end of the month.

Multiple Choice

$30,350
$25,300
$20,250
$5,050
$7,100

12. J. Brown Consulting immediately paid $660 cash for utilities for the current month. Given the choices below, determine the general journal entry that J. Brown Consulting will make to record this transaction.

Multiple Choice

Utilities Expense 660

Cash 660
Cash 660

Utilities Expense 660
Cash 660

Accounts Payable 660
Utilities Expense 660

Accounts Payable 660
Prepaid Utilities 660

Accounts Payable 660

13.

Able Graphics received a $900 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Able Graphics make to record this transaction?

Multiple Choice

Utilities Expense 900

Cash 900
Cash 900

Utilities Expense 900
Utilities Expense 900

Accounts Payable 900
Accounts Payable 900

Utilities Expense 900
No journal entry is required

14. On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $31,350; Supplies, $710; Equipment, $10,900; Accounts Payable, $9,700. What is the amount of equity as of August 31 of the current year?

Multiple Choice

$32,550.
$31,840.
$33,260.
$10,040.
$11,460.

15. The credit purchase of a new oven for $5,700 was posted to Kitchen Equipment as a $5,700 debit and to Accounts Payable as a $5,700 debit. What effect would this error have on the trial balance?

Multiple Choice

The total of the Debit column of the trial balance will exceed the total of the Credit column by $5,700.
The total of the Credit column of the trial balance will exceed the total of the Debit column by $5,700.
The total of the Debit column of the trial balance will exceed the total of the Credit column by $11,400.
The total of the Credit column of the trial balance will exceed the total of the Debit column by $11,400.
The total of the Debit column of the trial balance will equal the total of the Credit column.