6For the following business transaction, what is the effect of the transaction on the accounting equation: Received $400 bill for utilities due in two weeks?

		A. Assets Increase; Assets Decrease
		B. Assets Increase; Liabilities Increase
		C. Assets Decrease; Equity Decreases
		D. Liabilities Increase; Equity Decreases
		E. None of the above

7For the following business transaction, what is the effect of the transaction on the accounting equation: Collected cash from customer?

		A. Assets Increase; Liabilities Increase
		B. Assets Increase; Assets Decrease
		C. Assets Increase; Equity Increases
		D. Liabilities Increase; Equity Decreases
		E. None of the above

8What is the journal entry for the following business transaction: The company consulted for a new brand and billed the client for services rendered $2,000?

		Dr. Accounts Receivable 2000; Cr. Service Revenue 2000
		B. Dr. Service Revenue 2000; Cr. Cash 2000
		C. Dr. Cash 2000; Cr. Accounts Payable 2000
		D. Dr. Service Revenue 2000; Cr. Accounts Receivable 2000
		E. None of the above

9Which financial statement is prepared last?

		A. Income Statement
		B. Statement of Owners Equity
		C. Balance Sheet
		D. Statement of Cash Flow

10 For the following business transaction, what is the effect of the transaction on the accounting equation: Paid utility bill received two weeks ago?

		A. Assets Decrease; Liabilities Decrease
		B. Assets Decrease; Equity Decreases
		C. Assets Increase; Equity Increases
		D. Liabilities Increase; Equity Decreases
		E. None of the above