16 On June 1, 2014, Portugal Inc. reported a cash balance of $ ar inc. reported a cash balance of $12.000. During June, Portugal made deposits of $5,000 and eposits of $5,000 and made disbursements totalling $14,000. What is balance at the end of June? a. $3,000 debit balance b. $17,000 debit balance c. $3,000 credit balance d. $2,000 credit balance Which of the following statements is false? a. Revenues increase owner's equity. b. Revenues have normal credit balances. c. Revenues are a positive factor in the computation of net income. d. Revenues are increased by debits. 18. e correct sequence of steps in the recording process? Which of the following is the correct sequence of steps in the a. Posting, journalizing, analyzing b. Journalizing, analyzing, posting c. Analyzing, posting, journalizing d. Analyzing, journalizing, posting 19 e place the complex.consactions. rodit amounts to Which of the following is false about a journal? a. It discloses in one place the complete effects of a transaction. b. It provides a chronological record of transactions. c. It helps to prevent or locate errors because debit and credit amounts for each entr can be readily compared d. It keeps in one place all the information about changes in specific account balances A trial balance will not balance if a. a journal entry is posted twice. b. a wrong amount is used in journalizing. c. incorrect account titles are used in journalizing. d. a journal entry is only partially posted. 21. Foxes Service Shop started the year with total assets of $320,000 and total liabilitie $240,000. During the year, the business recorded $630,000 in revenues, $450,0 expenses, and owner drawings of $60,000. Owner's equity at the end of the year was a. $80,000. b. $200,000 c. $310,000 d. $370,000