14) If a company pays back money borrowed from a bank, which of the follow included in the journal entry to record this transaction? A) Debit Cash and credit Common Stock B) Credit Cash and debit Notes Payable C) Credit Notes Payable and debit Common Stock D) Debit Cash and credit Notes Payable 15) During its first year of operations, a company entered into the following transactions: Borrowed $20,000 from the bank by signing a promissory note. Issued stock to owners for $40,000 Purchased $4,000 of supplies on account. Paid S1,600 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? A) $62,400 B) $64,000 C) 560,000 D) $22,400 16) Somerdale Corp. received an order from a customer on November 10. It manufactured the ordered items on November 15, shipped the goods on November 17, and received payment on December 2. Under the accrual basis of accounting. Somerdale should record revenue on: A) December 2. B) November 10. C) November 17. D) November 15. 17) Revenues: A) Decrease assets. B) Increase liabilities. C) Increase stockholders' cquity. D) Decrease expenses. 8) During the year, Sand, Inc. had $120,000 in revenues, $48,000 in expenses, and paid $3,600 dividends. Net income equals: $72,000. B) $75,600. C) $120,000. D) $68,400