15. Equipment had a list (selling) price of 150,000 , By paying cash, Buyer, Inc negotiated a 136,000 purchase price for the equipment. Prior to when the balance sheet was prepared, a competitor bought similar equipment for 128,000 . What is the relevant measures of the value of the equipment for financial negotiating purposes for Buyers inc a. 150,000 b. c. d. 16. In which of the following accounts would DECREASES be recorded as a debit? a. Accounts payable and Common Stock b. Cash and accounts payable - GPT ANSWER c. Supplies, accounts payable, and common stock d. Common stock and equipment e. Accounts receivable and supplies expense 17. The Closing entry at the end of the year for the Revenue account will include a debit to? A. Revenue and a credit to cash B. Retained Earnings and a credit to revenue C. Common stock and a credit to revenue D. Revenue and a credit to Dividends E. Revenue and a credit to Retained Earnings - GPT ANSWER 18. Rochart Company began the month with a balance of $84,000 in Accounts Receivable. An analysis of the account determined that sales on account for the month totaled $114,000. At the end of the month, the balance in Accounts receivable was $86,000. From this information, it can be determined that Rodmart Company had collections from customers on account of: a. $198,000 b. $13,000 c. $156,000 a. $112,000-GPT ANSWER e. $200,000 19. At the end of the accounting period, the service revenue account has a normal balance of $29000. Unearned service revenue liability account was debited for $1000 (to reflect the portion of revenue received in advance that has been earned). After the adjustment was the service revenue account has a balance of: i. $30,000 - GPT ANSWER b. $19,000 c. $29,000 d. $30,600