Accounting is an information and measurement system that: Select one: ()a. All of these answers are correct. ()b. Identifies and records economic activities. ()c. Identifies economic activities. Od. Communicates economic information. Ule. Records economic activities. Provided tax services to a client today and received cash: $3,600. What is correct journal ohtry: Select one: (\a. debit Cash; credit Account Payable (b. nothing to record (c. debit Revenue; credit Account Receivable (d, debit Cash; credit Revenue (e. debit Account Receivable; credit Revenue You have $2,000 cash in your personal account and you decided to invest 1/4 of that amount into your business. What is your investment value and journal entry? Select one: ( )a debit Cash $500; credit Investment $500 b. debit Cash $1,500, credit Owner's Capital $1,500 c. debit Cash $500; credit Owner's Capital $500 ()d. nothing to record (e. debit Cash $1,000; credit Owner's Capital $1,000 On July 10, 2020 Lily Accounting firm accepted a $5,000 deposit from a client for tax work to be completed in August. What is correct journal entry? Select one: Ca. debit Cash; credit Accounts Payable (b. debit Cash; credit Unearned Revenue (c. debit Cash; credit Revenue (ld. debit Unearned Revenue; credit Revenue (e. debit Cash: credit Equity Paid secretary salary, $1,300. What is correct journal entry: Select one: (a.debit Salary Expense; credit Cash ()b. debit Salary: credit Account Payable (c. debit Salary Expense; credit Account Payable ()d. debit Salary: credit Cash (le, nothing to record Which of the following accounting principles would require that all goods and services purchased be recorded at cost? Select one: ()a. Cost principle. ()b. Business entity principle. (c. Monetary unit principle. ( )d. Revenue recognition principle. (e. Going concern principle. [x]clear my choice The expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called: Select one: (). The cash basis of accounting. (ib. Depreciation. []c. The matching principle. ()d. Accumulated depreciation (je. Allowance for depreciation. Equity is increased by owner investments, net income and withdrawals. Select one: (True An account balance is: Select one: ()a. The difference between the increases and decreases recorded in the account. ()b. Not used in the real world. ()c. The total of the credit side of the account. ()d. The same as the balance sheet equation. C)e. The total of the debit side of the account. Paid rent of $800 for the current month. What is correct journal entry: Select one: (a. nothing to record b. debit Rent Expense; credit Cash c. debit Rent; credit Account Payable d. debit Rent Expense; credit Account Payable We. debit Rent; credit Cash Properties or economic resources owned by a business, also described as probable future ed benefits, are called: Select one: (Sa. Equity ()b. Liabilities () Capital ()d. Revenues (e. Assets