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At the end of the current accounting period account balances were as follows Cash, $15.000; Account eceivable, $20,000; Common Stock $8.000: Retained Earnings. $14.000. Libilities for the pero A $13,000 B. $20,000. C. $27,000 D. $32,000 8. If a company borrows money from a bank and signs an agreement to repay the loan several years from now, in which account would the company report the amount borrowed? A) Common Stock B) Accounts Payable C) Notes Payable (long-term) D) Retained Earnings 9. Spin Co. has $52,000 in its Cash account, $20,000 in its Inventory account, and $12,000 in its Notes Payable (short-term) account. If Spin's only other account is Common Stock, what is the balance of that account? A) $20,000 B) $84,000 C) $60,000 D) $44,000 10. The Noble Corp. Installs $75,000 of equipment, paying $25,000 cash and promising to pay the remaining $50.000 in 6 months. What is the impact to this transaction on the accounting equation? A) Total assets are increased by $50,000. B) Current assets are increased by $50,000 C) Total assets are increased by $75,000. D) Current assets are increased by $75,000. 11. A company uses $100,000 in cash to pay off $100,000 in notes payable. This would result in a A) $100,000 debit to Notes Payable and a $100,000 credit to Cash, B) $100,000 credit to Cash and a $100,000 credit to Notes Payable. C) $100.000 debit to Cash and a $100,000 credit to Notes Payable. D) $100,000 debit to Cash and a $100,000 debit to Notes Payable. 12. During November 2018 Asler, Inc. performed consulting services. The client does not pay Asler until January 2019. Which of the following statements is correct? A) Using accrual accounting, the revenue is reported in January 2019. B) Using accrual accounting, the revenue is reported in November 2018, C) Using accrual accounting, the revenue is reported in December 2018 D) Using accrual accounting, the revenue is reported when the expenses related to the service are paid by Asler