A Moving to another question will save this response. Question 24 Goods purchased on account for future use in the business, such as supplies, are called O prepaid assets revenues retained earnings prepaid liabilities A Moving to another question will save this response. hp Moving to another question will save this response. Question 23 How does receiving an invoice this month for services received this month affect the accounting equation? liabilities increase: stockholders equity increases (net income increases) O assets increase; liabilities increase assets decrease: stockholders equity decreases liabilities increase: stockholders equity decreases (net income decreases) Moving to another question will save this response. hp A Moving to another question will save this response. Question 22 The entry to adjust the accounts for salaries accrued (owed but not paid) at the end of the accounting period is debit Salaries Expense: credit Salaries Payable debit Cash; credit Salaries Payable debit Salaries Payable: credit Salaries Expense debit Salaries Payable: credit Cash As Moving to another question will save this response. hp question will save this response. Question 21 Notes receivable due in 350 days appear on the balance sheet in the current assets section income statement as an expense balance sheet in the fixed assets section balance sheet in the current liabilities section A Moving to another question will save this response. >> A Moving to another question will save this response. Question 20 The account type and normal balance of Prepaid Expense is expense, debit asset, debit e revenue, credit liability, credit A Moving to another question will save this response. Moving to another question will save this response. Question 19 The stockholders' equity will be reduced by all of the following except all of these expenses dividends revenues A Moving to another question will save this response. A Moving to another question will save this response. stion 18 The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called an O retained earnings statement O prior period statement balance sheet income statement A Moving to another question will save this response. Moving to another question will save this response. Question 17 Which one of the fixed asset accounts listed below will not be depreciated over time? Building Delivery Equipment Land Office Equipment A Moving to another question will save this response. Question 16 Which of the following is not a business transaction that would be recorded as a journal entry in the accounting records? pay for supplies sell goods for cash make a sales offer re cash for services to be rendered later A Moving to another question will save this response. estion 15 2 points San Aner Which of the following account groups are zeroed out after the annual financial statements are prepared and before the accounting records begin for the next year (these accounts are zerded out as part of the closing process)? Rent Revenue, Fees Earned, Miscellaneous Expense Cash, Dividends, Wages Payable Prepaid Insurance Equipment. Fees Earned Common Stock Dividends, income Summary
