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 a $15,000. The net income reported by Jerry's Car Resu a. $40,000 b. $55,000 c. $30,000 d. $135,000 3. An accountant has debited an asset account for $1,000 am a. Nothing further must be done. b. Debit an owner's equity account for 5500 c. Debit another asset account for $500 a different asset account for $500. cuipment for $920 and anglies Expert 9. If the adjusting Soderi ats will be underved bowner's equity will be understand cnet come will be understand d expenses will be understand 10. Failure to prepare and try weet a net income to be understated b. an overstatement of ass and we can understatement of expenses and d. an overstatement of expenses