45a) After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $4,400 debit balance. This result implies that Cleaver earned a net income of $4,400. True or false? 45b)If a company uses $1,350 of its cash to purchase supplies, the effect on the accounting equation would be: C)Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $11,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $29,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1. D)A company reported total equity of $171,000 at the beginning of the year. The company reported $236,000 in revenues and $178,000 in expenses for the year. Liabilities at the end of the year totaled $105,000. What are the total assets of the company at the end of the year? E)The credit purchase of a new oven for $6,000 was posted to Kitchen Equipment as a $6,000 debit and to Accounts Payable as a $6,000 debit. What effect would this error have on the trial balance?

50)Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:

Wiley invested $27,000 cash in the business. Wiley contributed $102,000 of equipment to the business. The company paid $2,200 cash to rent office space for the month of March. The company received $18,000 cash for repair services provided during March. The company paid $6,400 for salaries for the month of March. The company provided $3,200 of services to customers on account. The company paid cash of $700 for utilities for the month of March. The company received $3,300 cash in advance from a customer for repair services to be provided in April. Wiley withdrew $5,200 for his personal use from the company. Based on this information, the balance in Wiley Hill, Capital reported on the Statement of Owner's Equity at the end of March would be: