71 When a corporation pays a note payable and interest aved out of question Select one: a. debit Cash O b. credit Notes Payable and Interest Expense C. Interest Expense will be decreased d. Notes Payable will be decreased n2 Which basic assumption is used when Palestine co.purchased 1000 meters of land and not recorded the transaction? d out of question Select one: a. Going concern assumption. b. Economic entity assumption c. Periodicity assumption d. Monetary unit assumption 3 If a company not posted one of its journal entries to its general ledger, the trial balance will show an equal amount of debit and credit balance accounts aved out of Select one: O True question False 16 Entry to record Collection from accounts receivables will include a ut of question Select one: a. credit to Accounts Receivable b. Debit to Accounts Payable c. Credit to cash d. Debit to Accounts Receivable tion 17 Accrued expenses before adjusting entries can best be described as an amount et ered ed out of Flag question Select one: a a. not paid and not reported on the Statement of financial position b. not paid and reported on the Statement of financial position C. paid and reported on the income statement d. paid and reported on the balance sheet 18 X.co.purchased supplies costing $5,000 on 1/1/ 2020 and recorded the transaction by increasing assets. At the end of the year $2,000 of the supplies are used.if X co make the adjusting entry for supplies what is the impact on X,co income statement at 31/12/2020 out of question Select one: a. no effects in income statement b. expenses increased by $3,000 @ c. Expenses increased by $2,000 d. Assets decreased by $3,000