7-Feb	9.COGS	1,500
	INVENTORY-CONCESSION		1,500
	SALES REVENUE		3,100
	CASH	3,100

1. The cumulative effect of recording transaction #9 is an

	A.	Increase in stockholders equity of $3,100
	B.	Increase in expenses of $3,100
	C.	Increase in assets of $1,600
	D.	Decrease in retained earnings of $1,500
	E.	Increase in assets of $3,100

2. The adjusting entry(ies) to record the usage of a prepaid expense would have what effect on the accounting equation?

	A.	Assets: No Effect Liabilities: No Effect Stockholders' Equity: No Effect
	B.	Assets: Increased Liabilities: Increased Stockholders' Equity: No Effect
	C.	Assets: Decreased Liabilities: No Effect Stockholders' Equity: Decreased
	D.	Assets: Decreased Liabilities: Decreased Stockholders' Equity: Decreased
	E.	Assets: No Effect Liabilities: Increased Stockholders' Equity: Decreased

4. The correct closing entry to close the dividend account is

	A.	Dividends Retained Earnings
	B.	Income Summary Dividends
	C.	Dividends Income Summary
	D.	Retained Earnings Dividends