7. Which of the following accounts is increased by a credit entry? Sales Revenue b. Salary Expense d. Dividends 8. The purchase of office equipment on credit has what effect on the accounting equation? a. decrease and stockholders' equity decreases b. Liabilities increase and equity decreases c. Assets increase and liabilities increase d. Assets decrease and liabilities decrease 9. On January 1, 2014, A-Best Company's balance in retained earnings was $70.000 the end of the year, December 31, 2014, the balance in retained earnings was $94,000, During 2014, the company earned net income of $40,000. How much were dividends? a. 16,000 c, $40,000 b. $24,000 d. $64,000 10. The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is a(an) a. Account b. General Journal c, General Ledger d. Chart of Accounts 11. Debit entries are used to c, increase liability accounts a, increase asset accounts d. increase revenue accounts b. decrease expense accounts 12. Aloha Company reports the following information at December 31, 2014: Revenue $150,000 30,000 Cash 40,000 Accounts payable 10,000 Dividends 85,000 Expenses What is Aloha Company's net income? c. 55,000 d. $65,000 a. b. 45,000 13. Which financial statement would you refer to in order to determine whether a owed funds creditors? c. Income Statement a. Balance Sheet Statement of Public Accounting b. Statement of Retained Earnings d