Answer the following question?

7) A contra-asset Is A) in reality a liability. B) an asset with a debit balance. () an account with an opposite balance of a normal asset. D) an account that increases the asset. 8) If the adjustment for Supplies used during the period was not made, A] expenses would be too low. B) assets would be too low. C) expenses would be too high. D) revenue would be too high. 9] Not recording the Prepaid Rent used causes A) assets to be too high. B) assets to be too low. CJ expenses to be too high. Dj revenue to be too high. 10) Prepaid Rent is considered to be a[n) A| liability. BJ asset. () contra-asset. DJ revenue. 11) As Prepaid Rent is used, the asset becomes afn) A llability. B) expense. C) contra-asset. DJ revenue. 12) If the Office Supplies account is not adjusted, A) assets will be overstated and expenses will be understated. B) assets will be overstated and expenses will be overstated. C) assets will be understated and expenses will be overstated. D) assets will be understated and expenses will be understated. 13) When historical cost is used to record equipment, it would appear as the A) original cost on the balance sheet. B) market value on the balance sheet. C) residual value on the balance sheet. D) original cost on the income statement