maining Time: 28 minutes, 22 seconds. aestion Completion Status: QUESTION 1 1. If total liabilities increased by $4,000, then a. assets must have decreased by $4,000. b. owner's equity must have increased by S4,000 c. assets must have increased by $4,000, or owner's equity d. assets and owner's equity each increased by $2,000. 2. Jerry's Car Repair Shop started the year with total assets o $15,000. The net income reported by Jerry's Car Repai a. $40,000 b. $55,000 c. $30,000 d. $135,000 3. An accountant has debited an asset account for S1,000 and a. Nothing further must be done. b. Debit an owner's equity account for $500. c. Debit another asset account for $500. dit a different asset account for $500 equipment for $900 and su Supplies Expense QUESTION 1 1. If total liabilities increased by $4,000, then a. assets must have decreased by $4,000. b. owner's equity must have increased by $4,000. c. assets must have increased by $4.000, or owner's equity d. assets and owner's equity each increased by $2,000