Keswick Industries Limited has the following current assets and current liabilities on the company's balance sheet: Cash \\( \\$ 17,000 \\); Accounts Receivable \\( \\$ 8,200 \\); Inventory \\( \\$ 54,000 \\); Prepaid Rent \\( \\$ 3,000 \\); Accounts Payable \\( \\$ 23,000 \\); Notes Payable due within one year \\( \\$ 20,000 \\); and Unearned Revenue \\$5,500. The company's current ratio would be \\[ \\begin{array}{l} 0.34: 1 \\\\ 1.07: 1 \\\\ 0.59: 1 \\\\ 1.69: 1 \\end{array} \\] In order to close the Owner's Drawings account, the Income Summary account should be credited. Owner's Capital account should be debited. Owner's Capital account should be credited. Income Summary account should be debited. If adjustments are made on a monthly basis, the entry for a three-month note payable of \\( \\$ 5,000 \\) with an interest rate of \6 will include the following: a credit to Interest Payable of \\( \\$ 25 \\). a debit to Interest Expense of \\( \\$ 75 \\). no entry is required. a credit to Cash of \\( \\$ 300 \\). The control activity related to not having the same person authorize and pay for goods is known as establishment of responsibility. independent check of performance. segregation of duties. rotation of duties. Sam gets paid \\( \\$ 2,500 \\) at the end of every two weeks worked. Sam will not be paid until the end of the first week in April. The adjusting entry recorded by Sam's employer on March 31 includes no entry is required. a credit to Cash of \\( \\$ 1,250 \\). a debit to Salaries Expense of \\( \\$ 2,500 \\). a debit to Salaries Expense of \\( \\$ 1,250 \\). Combining the economic record keeping of two separate businesses would violate the ) reporting entity concept. historical cost principle. ethics principle. monetary unit concept. Bonita Company recently made a \\( \\$ 10000 \\) purchase from a major supplier. Shipping costs were \\( \\$ 250 \\), terms FOB shipping point. To record this purchase, Bonita Company will need to debit the Cost of Goods Sold account for \\( \\$ 250 \\). Cost of Goods Sold account for \\( \\$ 10250 \\). Merchandise Inventory account for \\( \\$ 10000 \\). Merchandise Inventory account for \\( \\$ 10250 \\). Current Attempt in Progress On a bank reconciliation, outstanding cheques are: added to the book balance. added to the bank balance. deducted from the bank balance. deducted from the book balance. Assuming all accounts have normal balances, what are the totals for the debit and credit columns in the trial balance? \\[ \\begin{array}{l} \\$ 137820 \\\\ \\$ 239250 \\\\ \\$ 240370 \\\\ \\$ 168320 \\end{array} \\] urrent Attempt in Progress Jeanie Company purchases \\( \\$ 600 \\) of equipment from Mundelein Company for cash. The effect on the components of the accounting equation of Jeanie Company is an increase in assets and a decrease in liabilities. an increase in assets and liabilities. a decrease in assets and liabilities. no change in total assets. Current Attempt in Progress Wildhorse's Forest Services showed the following account balances at the end of 2024