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1. Which of the following statements is false? rA. Ifevery transaction is recorded with equal debits and credits, then the sum of all the debits to the accounts must equal the sum of all the credits. B. Dividends are increased with a debit because dividends reduce stockholders' equity C. On September 17th, Aggie hired an employee to begin work on October 1. The employee's weekly salary is S500 for a 5-day work week, payable every 2 weeks -the first payment will be made on 14, Aggie will make no entry on September 17h D. Every transaction affects one account from the income statement and one account from the balance sheet. E. A debit entry to the account unearned revenue indicates that the company has fulfilled an existing obligation. F. L. Wright Architects incorporated as licensed architects on September 1,2018. During the first month of the operation of the business, these events and transactions occurred: 2. Stockholders invested $8,000 cash in exchange for common stock of the corporation. Paid office rent for the month of S900. E Sept.1 /l 2 Purchased architectural supplies on account from Spring Green Company, $1,000. 6 Completed blueprints on an outdoor kitchen and billed client $1,300 for services. 10 :14 18 25 30 Received S1,500 cash advance from J. Madison to design a new home. uR Received $2,000 cash for services completed and delivered to M. Swanson. Paid employee wages of $800. E Paid $200 to Spring Green Company for accounts payable due. Used S200 of supplies during the month. E Determine Net Income for the month of September: -E 1 300 1 500 A. $1,200 B. $2,900 C. $1,800 D. $2,200 E. $1,400 600 3. Aggie Workout Center receives $500 from a customer for a one- year membership to the club. What is the effect on the accounting equation and the income statement accounts? Assets LiabilitiesStockholders' Equity Revenue Expense No EffectNo Effect No Effect A. No Effect No Effect Increase No Effect No Effect Increase C. D. Increase E. No Effect Increase No Effect Decrease Increase Increase No Effect No Effect Increase Decrease No Effect Increase . The following list of accounts appear in alphabetical order and were taken from ABC Corporation's ledger as of December 31, 2018. The Accounts Payable records were missing. Accounts Payable Accounts Receivable Building Cash Common Stock Cost of Goods Sold Dividends Equipment $7,000 5,000 12,000 11,000 Unearned Revenues 4,000 6,000 8,000 Inventory 3,000 22,000 9,000 20,000 2,000 1,000 10,000 Notes Payable Retained Earnings Wage Expense Revenue