1ABC Company entered into the following transactions during May, its first month of operations: May 1: ABC Company sold common stock to owners in the amount of $200,000. May 1: ABC Company paid $36,000 cash for office rent for May, June, and July. May 3: ABC Company purchased a parcel of land costing $60,000 by paying $25,000 in cash and agreeing to pay the remainder within sixty days. May 9: ABC Company provided $23,000 of services to a customer. The customer didn't pay any cash on May 9, but agreed to pay the balance due by the end of the month. May 15: ABC Company received and paid utility bills in the amount of $14,000. May 18: ABC Company sold the land purchased on May 3 for $79,000 cash. May 21: A customer paid $20,000 cash to ABC Company for services to be provided in June and July. May 27: The customer from May 9 paid the amount owed to ABC Company. May 31: ABC Company received a $9,000 bill for advertising done during May. No payment was made at this time. The immediate effects on the balance sheet of the May 15 transaction would be:

assets = decrease; liabilities = no effect; equity = decrease

assets = decrease; liabilities = no effect; equity = no effect

assets = no effect; liabilities = increase; equity = decrease

assets = no effect; liabilities = no effect; equity = no effect

assets = decrease; liabilities = increase; equity = decrease

assets = decrease; liabilities = decrease; equity = no effect

assets = decrease; liabilities = increase; equity = no effect

2Jay Corporation reported the following account balances

at December 31, 2023: Interest Revenue $48,000 Notes Payable $55,000 Depreciation Expense $10,000 Common Stock $82,000 Wage Expense $16,000 Equipment $27,000 Patent $51,000 Income Tax Expense $12,000 Accounts Receivable $58,000 Cost of Goods Sold $63,000 Loss on Sale of Land $18,000 Retained Earnings $75,000 (at January 1, 2023) Trademark $13,000 Accumulated Depreciation $15,000 Cash $39,000 Accounts Payable $45,000 Inventory $69,000 Dividends $11,000 Sales Revenue $96,000 Supplies $29,000 The total long term assets reported by Jay Corporation at December 31, 2023 was equal to:

Group of answer choices

$76,000

$69,000

$105,000

$12,000

$91,000

$106,000

none of the above are correct

3

Jay Corporation reported the following account balances at December 31, 2023: Interest Revenue $48,000 Notes Payable $55,000 Depreciation Expense $10,000 Common Stock $82,000 Wage Expense $16,000 Equipment $27,000 Patent $51,000 Income Tax Expense $12,000 Accounts Receivable $58,000 Cost of Goods Sold $63,000 Loss on Sale of Land $18,000 Retained Earnings $75,000 (at January 1, 2023) Trademark $13,000 Accumulated Depreciation $15,000 Cash $39,000 Accounts Payable $45,000 Inventory $69,000 Dividends $11,000 Sales Revenue $96,000 Supplies $29,000 The total stockholders' equity reported by Jay Corporation at December 31, 2023 was equal to:

$189,000

$157,000

$82,000

$146,000

$171,000

$252,000

none of the above are correct