8 TF 02-019 The recording of cash payments from the cash account is done by entering the amount as a cred True False 9 MC 02-091 Which group of accounts is comprised of only assets? a. Uneamed Revenue, Prepaid Expenses, Cash Prepaid Expenses, Buildings, Patents Accounts Receivable, Revenue, Cash d. Cash, Accounts Payable, Buildings 10 MC 02-098 The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal Accounts Payable $1.500 Fees Earned $3,600 Accounts Receivable 1,800 Insurance Expense 1,300 Prepaid Insurance 2.000 Land 3,000 Cash 3.200 Wages Expense 1,400 Drawing 1,200 Capital 8,800 Total assets are * $8,000 b. $10,000 . $9,800 d. $9,700 IL MC02-131 Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder paid later. The correct entry would be a. Cash 2.250 Accounts Payable 6,250 Equipment 8,500 b. Equipment 8,500 Accounts Payable 6,250 Cash 2,250 C. Equipment Expense 8,500 Accounts Payable 2,250 Cash 6,250 d Equipment 2,250 Cash 2,250 12 TF 03-002 Generally accepted accounting principles require the accrual basis of accounting True False 13 TF 03-011 Revenues and expenses should be recorded in the same period to which they relate