13. The term "Revenue" can best be described as: A. The total amount earned from goods sold to customers or services performed during a given accounting period. The cash received from goods sold to customers or services performed during a given accounting period The net increase in Shareholders' (Stockholders') Equity during a given period B. C. The "Bottom Line" in the Income Statement D. Davis, Inc., a music group, entertained at a black-tie dinner dance on April 26, and collected its fee in full at the end of the evening. This transaction: 14. Causes an increase in Cash and Revenue Causes an increase in Accounts Receivable and Revenue Causes an increase in Unearned Revenue and Revenue Causes an increase in Cash and Unearned Revenue A. B. C. D. At the end of October, Flagship Marina received a bill for fuel used in October. Payment is not due until November 30. This transaction: 15. Should not be recorded in the accounting records until November Causes a decrease in Assets and in Sharcholders' (Stockholders") Equity in November, when the bill is paid Should be recorded as an expense of October, regardless of the payment date Is recorded as a liability in October, but is not considered an expense until paid A. B. C. D. Use the following information to answer the next question: The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. Common Stock was issued in exchange for $360,000 Cash Purchased $180,000 of Equipment by making a $60,000 Cash down payment and signed a Note Payable for the balance Made a $35,000 Cash payment on the Note Payable from the purchase of Equipment Sold a piece of Equipment for Cash of $18,000. The Equipment was sold at cost, so there is no gain or loss on the sale What is the balance in the Cash account at the end of March? A. 16. $283,000 $343,000 $318,000 $378,000 B. C. D. Supplies are expensed when: Consumed (Used) Purchased Paid For Ordered 17. A. B. C. D