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Question 11 When cash is received from investors in exchange for common stock, what is the effect on the company's accounts? O A. Cash decreases and dividends increase. B. Cash increases and dividend increases. C. Cash decreases and common stock decreases O D. Cash increases and common stock increases. Question 12 Which of the following accounts increases by debit? O A. Common stock B. Salaries payable OC. Dividends D. Service revenue Question 13 Providing service for $2,000 on account is recorded as: $2,000 O A. Accounts receivable Cash B. Accounts receivable Service revenue OC. Cash Service revenue O D. Accounts payable Service revenue $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 An increase to a liability account is shown with a A. Debit, Credit B. Credit, Debit O C. Debit, Debit D. Credit, Credit An increase to an asset account is shown with a Question 15 Below is the company's Cash T-account. Beg. End. Cash 1,200 7,000 5.100 3,100 The $7,000 amount could represent which of the following? O A. Payment for salaries B. Payment for rent O C. Purchase of equipment for cash O D. Issue of common stock for cash Question 16 The supplies account has a beginning balance of $1,000 and the company purchases additional supplies for $7,000 during the month. If the company has a remaining balance of supplies of $2,000 at the end of the period, what is the amount of supplies used during the period? OA. $6,000 O B. $8,000 OC. $7,000 O D. $10,000 Question 17 Car Wash Inc. purchased supplies for $3,000 cash. This transaction would be recorded as: O A. Supplies $3,000 Accounts payable O B. Supplies Cash O C. Equipment Cash O D. Equipment Notes payable $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 Question 18 Which of the following accounts would normally have a debit balance? O A. Accounts payable, accounts receivable and notes payable OB. Supplies expense, accounts payable and service revenue OC. Service revenue, accounts payable and retained earnings D. Accounts receivables, supplies and interest expense Question 19 Purchase of supplies on account for $1,200 is recorded as: O.A. O B. . Accounts payable Supplies O D. Supplies Cash Supplies Accounts payable Supplies Accounts receivable $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 Question 20 Spine Inc. paid one year rent in advance for $12,000 cash. This transaction would be recorded as: OA. B. OC. O.D. Rent expense Accounts payable Rent expense Cash Prepaid rent Cash Prepaid rent Rent expense $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000