17) Nuptial Inc. paid the rent for the current month in cash Which of the following account tes will be debited? A) Rent expense B) Prepaid rent 9 Rent payable D) Rent revene 18) Which of the following amounts appears on both the statement of owner's equity and the balance sheet? A) total revenues O net income B) total assets D) ending owner's equity 19) Which of the following is the correct accounting equation? A) Assets + Liabilities Equity B) Assets Revenues Equity C) Assets+ Revenues Liabilities Expenses D) Assets Liabilities Equity 20) A customer's promise to pay in the future for services or goods sold is called a(n) A) Accounts Payable. C) Accounts Receivable. B) Notes Payable D) Uneamed Revenue. 21) The balance sheet is a snapshot of the entity, Which of the following items are included on the balance sheet? A) assets D) expenses C)withdrawals B) revenues 22) Which of the following statements best defines financial statements? A) Financial statements are documents that report on a business in monetary terms, providing information to help people make informed business decisions. B) Financial statements are the information systems that record monetary and nonmonetary business transactions. C) Financial statements are plans and forecasts for future time periods based on information from past financial periods. D) Financial statements are the verbal statements made to business news organizations by chief financial officers outside party is called: 23) A debt that a business owes to an B) an asset A) a liability. C) stockholders' equity. D) revenue. 24) Beetles Inc. recorded the following jourmal entry on March 2, 2014 5,000 Cash 5,000 Uneamed Revenue From the journal entry above, identify the transaction on March 2, 2014. A) Beetles purchased goods worth $5,000 and signed a one-year note for the same. B) Beetles received $5,000 for services to be performed in a later period. 9 Beetles sold goods for $5,000 cash D) Beetles paid $5,000 for services to be received at a later date