Answer 15-

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15. During Bloom Co.'s first year of operations, the office supplies account was debited for $1,480 for office supplies purchased during the year. At year-end, office supplies on hand were $540. The appropriate adjusting entry would A. Increase expenses by $940. B. Have no effect on net income. C. Decrease expenses by $540. D. Decrease assets by $540. 6. During the month, Rude, Inc. received S212.500 in cash and paid out $183,750 in cash. If the ending cash balance is $36,300, what was the beginning cash balance? A. $ 7.550 B. S 28,750 C. $65,050 D. $248,800 17. What effect does receiving payment from customers whom were already billed for services provided to them have on the accounting equation? A. Assets increase and assets decrease. B. Assets increase and owners' equity increases. C. Liabilities increase and owners' equity decreases. D. Liabilities decrease and assets decrease. 18. What effect does providing services for customers "on account", have on the accounting equation? A. Assets increase and assets decrease. B. Assets increase and owners' equity increases. C. Liabilities increase and owners' equity decreases. D. Liabilities decrease and assets decrease. 19. Which of the following would not be recorded as a cash sale? A. Customer who pays with a check. B. Customer who pays with a debit card. C. Customer who pays with a credit card. D. Customer who buys on account