19. Which one of the following accounts would NOT have a balance after closing entries? A. Deferred Revenue B. Supplies C. Prepaid Rent D. Dividends 20. The following statements pertain to recording transactions. Which of them are true? I. Total debits should equal total credits. II. It is possible to have multiple debits or credits in one journal entry III. Assets are always listed first in journal entries. IV. Some journal entries will have debits only A. I only B. I and II c. I, II, and IV D. II, III, and IV For each transaction below, indicate its effect on a firm's assets, liabilities, and ownera' equity. Select your anawer using the following key (each answer may be used more than once). Place the answer on the answer sheet. A. increase assets, decrease assets B. increase assets, increase liabilities c. increase assets, increase owners' equity D. decrease assets, decrease liabilities E. decrease assets, decrease owners' equity 21. Borrowed cash from the bank. 22. Purchased machinery for cash. 23. Paid cash for supplies previously purchased on account. 24. Paid back the money borrowed from the bank