In its first year of operation Foggier company's revenue for the year amounted to $5.000. Cash collections of accounts receivable amounted to $2, 300. Expenses for the period Were $2, 100. the company paid dividends of $450. Net income for the period was $1, 200. $2, 900. $2, 850. $2, 450. Using the same facts from question one, what is the ending balance in Retained Earnings? $1, 200. $2, 900. $2, 850. $2, 450. Benson Co. purchased a building and paid the full purchase price in cash. the journal entry necessary to record this event includes a: debit to Building and a debit to Cash. debit to Cash and a credit to Building. credit to Building and a credit to Cash. debit to Building and a credit to Cash. Jack's Snow Removal Company received a cash advance of $6,000 on December 1, 2016 to provide services during the months of December, January, and February. the 2016 year- end adjustment to recognize the partial expiration of the contract will increase assets by $2,000 decrease in liability by $2,000 increase liabilities by $2,000 increase assets by $2,000 and increase equity by $2,000 Using the same facts as question 4, Revenue will: Increase. Decrease. Stay the same. increase by the same amount that liabilities will increase. Which of the following is increased with a debit? Insurance expense Service revenue