MULTIPLE CHOICE Circle the best answer for each of the following questions. 1. Notes receivable are written claims against a. creditors b. owner's equity c. customers d. assets A work sheet is completed by: a. extending the adjusted trial balance amounts to the Income Statement 2. and Balance Sheet columns b. totaling the Adjustment columns c. extending the work sheet adjustments to the Adjusted Trial Balance columns d. all the above 3 If the Income Statement Credit column is greater than the Income State- ment Debit column: a. a net income exists b. a net loss exists c. an asset account is debited d. a liability account is credited columns of the work sheet, the totals of the Debit and Credit columns are $377,750 and $387,750, respectively. What is the amount of net income or net loss for the period? a. $10,000 net income b. $10,000 net loss c. $377,750 net income d. $388,750 net income 4. After all of the account balances have been extended to the Balance Sheet Statement columns of the work sheet, the totals of the Debit and Credit columns are $62,300 and $67,600, respectively. What is the amount of the net income or net loss for the period? a. $5,300 net income 5. After all of the account balances have been extended to the Income b. $5,300 net loss c. $119,300 net income d. $119,300 net loss