8. In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to 800. The cash account has a(n) a. $800 credit balance. b. $1,400 debit balance. c $600 debit balance. d $600 credit balance. e. $700 credit balance 9. Qwik Company showed the following balances at the end of its first year s 8.700 Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Owner's Capital Owner's Drawings Revenues Expenses 9400 7,000 5.800 9,400 2.300 1,400 44.000 35,000 What did Qwik Company show as total credits on its trial balance? a. $52,400 b. $61.500 $62,900 d. $70,900 e. $71.000 C 10. Internal auditors are hired by CPA firms to audit business firms. b. are employees of the IRS who evaluate the internal controls of companies filing tax returns. c. evaluate the system of internal controls for the companies that employ them. d. cannot evaluate the system of internal controls of the company that employs them because they are not independent. none of above a. e. 11. At September 1, 2020, Hotel Suites Co. reported owner's capital of $147,000. During the month, Hotel Suites generated revenues of $48,000, incurred expenses of $26,000 purchased equipment for $5,000 and withdrew cash of $3,000. What is the amount owner's capital at September 30, 2020? a. $161,000 b. $166,000 c. $169,000 d. $171,000 e. $189,000