I would like help to this Accounting Homework assignment. Its due in 3 hours. Thank you in advance.

Question 1 Which account below should be debited to record the purchase of merchandise for resale using cash? Cash Accounts Receivable Inventory Accounts Payable Question 2 Which account below should be credited to record the purchase of merchandise for resale on account? Cash Accounts Receivable Inventory Accounts Payable Question 3 Debits always decrase accounts and credits always increase accounts. True False Question 4 Paying cash always results in a credit to the cash account. True False Question 5 Which account below should be debited to record receiving a payment on an account receivable? Cash Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense (Ret. Earn) Question 6 Which of the following reflects the effects of paying an outstanding account payable? Assets and Retained Earnings decrease Assets and Liabilities decrease Liabilities decrease and Retained Earnings increases Assets and Retained Earnings increase Question 7 Dant Corporation purchased equipment on credit for $180,000. The credit or righthand entry is to Notes Payable for $180,000. The lefthand or debit entry is to: Inventory for $180,000 Property, Plant, and Equipment for $180,000 Depreciation Expense (Ret. Earn) for $180,000 Equipment Expense (Ret. Earn) for $180,000 Question 8 Indicate which of the following accounts is increased by a credit: Cash Sales Revenue Common Stock Accounts Payable Question 9 Indicate which of the following accounts is increased by a credit: Accounts Payable Property, Plant and Equipment Retained Earnings Cost of Goods Sold Question 10 Indicate which of the following accounts is increased by a credit: Long-Term Debt Common Stock Inventory Income Tax Expense Question 11 Indicate which of the following accounts is increased by a debit: Long-Term Debt Common Stock Inventory Income Tax Expense Question 12 Indicate which of the following accounts is increased by a debit: Selling, General and Administrative Expense Dividends Payable Accumulated Depreciation Cash Question 13 Indicate which of the following accounts is increased by a debit: Accounts Receivable Accrued Expenses Short-term Investments Interest Expense Question 14 Cromartie Corporation purchases a twoyear insurance policy on July 1, 2008. At the time, they recorded the transaction as a debit to Insurance Expense and a credit to Cash for $6,000. What adjusting entry should they make on December 31, 2008? Debit Insurance Expense (Ret. Earn) and credit Prepaid Insurance for $1,500 Debit Prepaid Insurance and credit Insurance Expense (Ret. Earn) for $4,500 Debit Prepaid Insurance and credit Cash for $4,500 No adjustment is necessary Question 15 Total Debits do not always have to equal total credits. There are a handful of exceptions. True False Question 16 Pfister Corporation prepaid a full year's rents on their warehouse for the period from September 1, 2017 to August 31, 2018. At that time, they debited prepaid rent and credited cash for $24,000. Determine the correct balance in prepaid rent on December 31, 2017. Enter your answer with no commas, dollar signs, decimals, etc. Question 17 Pfister Corporation prepaid a full year's rents on their warehouse for the period from September 1, 2017 to August 31, 2018. At that time, they debited prepaid rent and credited cash for $24,000. Determine the correct of rent expense to be included in income for the year ending on December 31, 2017. Enter your answer with no commas, dollar signs, decimals, etc. Question 18 Huffaker Corporation paid for a new plant by signing a 10year note payable. This transaction has what effect on working capital? Working capital increases Working capital decreases Working capital does not change The effect cannot be determined Question 19 Harris Corporation collects an outstanding account. This transaction has what effect on working capital? Working capital increases Working capital decreases Working capital does not change The effect cannot be determined Question 20 Huffaker Corporation paid for a new plant with cash. This transaction has what effect on working capital? Working capital increases Working capital decreases Working capital does not change The effect cannot be determined Question 21 Poseidon Corporation issues 100 shares of $1 par value common stock for $10 per share. This transaction will include a (an) debit to cash for $900. credit to equity accounts for $1,000. debit to equity accounts for $1,000. credit to investment in securities for $1,000. Question 22 Warner Corporation sold $80,000 of merchandise on credit. The merchandise originally cost $55,000. Warner uses the perpetual method of inventory and records the cost of all sales at the time of the sale. Select ALL debits and credits that would be made to reflect this transaction. Debit Revenue (Ret. Earn) for $80,000 Debit Accounts Receivable $80,000 Debit Cost of Goods Sold (Ret. Earn) for $80,000 Debit Cost of Goods (Ret. Earn) sold for $55,000 Credit Revenue (Ret. Earn) for $80,000 Credit Inventory for $55,000 Credit Proft (Ret. Earn) for $25,000 Question 23 James Corporation sold $80,000 of merchandise for cash. The merchandise originally cost $55,000. Warner uses the perpetual method of inventory and records the cost of all sales at the time of the sale. Select ALL debits and credits that would be made to reflect this transaction. Debit Revenue (Ret. Earn) for $80,000 Debit Cash $80,000 Debit Cost of Goods Sold (Ret. Earn) for $80,000 Debit Cost of Goods Sold (Ret. Earn) for $55,000 Credit Revenue (Ret. Earn) for $80,000 Credit Inventory for $55,000 Credit Proft (Ret. Earn) for $25,000 Question 24 Alphamax Corporation purchases office supplies for company use on credit. The total of the purchase was $150. Which of the following journal entries could be used to record the transaction? Dr: Inventory $150 Cr: Accounts Payable $150 Dr: Accounts Payable $150 Cr: Office Supplies Dr: Office Supplies $150 $150 Cr: Accounts Payable $150 Dr: Office Supplies $150 Cr: Cash $150 Question 25 Does the journal entry to record payment of wages to employees include a debit or a credit to wage expense? Debit Credit Cannot be determined Question 26 Does the journal entry to record payment of wages to employees include a debit or a credit to cash? Debit Credit Cannot be determined Question 27 Does the journal entry to record the purchase of equipment for cash include a debit or a credit to the Property Plant and Equipment account? Debit Credit Cannot be determined Question 28 Winston Corporation receives a $200 payment from a customer for a prior sale on account. The sale was originally recorded as an increase to both Accounts Receivable and Sales Revenue. The bookkeeper enters the receipt of payment as follows: Dr: Cash $200 Cr: Sales Revenue $200 True or false: The bookkeeper entered the receipt of payment correctly. True False Question 29 Winston Corporation receives a $200 payment from a customer for a prior sale on account. True or False: Receipt of payment increases total assets by the amount of cash received. True False Question 30 On January 1, 2017, Winston Corporation purchased an industrial drill press for $80,000 cash. The expected life of the drill press is 4 years. Depreciation is calculated using the straightline method. Which of the following journal entires could be used to record depreciation for 2020? Dr: Depreciation Expense $20,000 Cr: Accumulated Depreciation $20,000 Dr: Accumulated Depreciation $20,000 Cr: Property, Plant and Equipment $20,000 Dr: Accumulated Depreciation $20,000 Cr: Depreciation Expense $20,000 Dr: Depreciation Expense $20,000 Cr: Property, Plant and Equipment $20,000 Question 31 On July 1, 2017, Winston Corporation purchased a lathe for $210,000 cash. The expected life of the lathe is 7 years. Depreciation is calculated using the straightline method. Which of the following journal entires could be used to record depreciation for 2017? (hint: don't forget it was only owned for half of the year) Dr: Depreciation Expense $30,000 Cr: Accumulated Depreciation $30,000 Dr: Depreciation Expense $15,000 Cr: Accumulated Depreciation $15,000 Dr: Accumulated Depreciation $15,000 Cr: Depreciation Expense $15,000 Dr: Depreciation Expense $70,000 Cr: Property, Plant and Equipment $70,000 Question 32 Franks Corporation receives the bill for December 2017 electricity usage on January 8, 2018. True or False: The expense should be recorded in 2018. True False Question 33 Which of the following is a source of cash? Depreciation Sale of inventory Payment of debt Payment of dividends Question 34 A building was originally purchased in 1960 for $150,000. The accumulated depreciation on the building is 145,000. In 2017, an appraiser estimated the value of the building to be $6.8 million dollars. Which of the following is the book value of the building? $150,000 purchase price $6.8 million value from appraiser $5,000 net of purchase price and depreciation Cannot be determined without a more recent appraisal Question 35 A building was originally purchased in 1952 for $150,000. The accumulated depreciation on the building is 143,000. In 2010, an appraiser estimated the value of the firm to be $6.8 million dollars. Which of the following is the Historical Cost of the building? $150,000 purchase price $6.8 million value from appraiser $7,000 net of purchase price and depreciation Cannot be determined without a more recent appraisal