Final Assessment 0:57:15 remaining The company purchases supplies on credit. Assets Go Up Assets Go Down Liabilities Go Up Liabilities Go Down Equity Goes Up Equity Goes Down Question 3 (3 points) The company borrows cash from the bank. Assets Go Up Assets Go Down Liabilities Go Up Liabilities Go Down The company does work for a customer and sends them a bill Assets Go Up Assets Go Down Liabilities Go Up Liabilities Go Down Equity Goes Up (Due to revenue) Equity Goes Down (Due to an expense) Question 7 (3 points) The company pays a utility bill it received the prior month. Assets Go Up Assets Go Down Liabilities Go Up Liabilities Go Down Equity Goes Up (Due to revenue) 1. The company pays cash for supplies to be used next year. Assets Go Up Assets Go Down Liabilities Go Up Liabilities Go Down Equity Goes Up (Due to revenue) Equity Goes Down (Due to an expense) Question 9 (3 points) On December 1, 20X1, Orono Tapestry Company pays its landlord $3,900 for three month's rent up front. How much Rent Expense should Orono Tapestry Company report on its income statement for December, 31, 20X1 (ignore any prior rent expense from before December 1)? Please do not include dollar signs (\$) or commas (,) in your