________ must have more than one owner. (Points : 20)

corporation LLC partnership proprietorship

Question 2.2. ________ represents a liability to perform work in the future. (Points : 20)

Accounts payable Notes payable Unearned revenue Accrued liabilities

Question 3.3. ________ could be included in the trial balance of a cash-basis business. (Points : 20)

Revenues Accounts payable Accounts receivable Depreciation expense

Question 4.4. Lisa opened a shoe store in January, 2010. She purchased inventory from a previous owner by signing a long-term note payable. What affect did this transaction have on the accounting equation? (Points : 20)

assets are decreased and owners equity is decreased assets are increased and owners equity is increased expense is increased and owners equity is decreased assets are increased and liabilities are increased

Question 5.5. Below is a list of account balances for Greene Industrial Cleaning Company:

Accounts receivable	$ 5,400
Accounts payable	3,200
Salary expense	6,000
Repairs expense	1,500
Truck	10,000
Equipment	6,300
Notes payable	3,500
Cash	6,800
Supplies expense	1,600
Service revenue	45,000
Fuel expense	3,800
Salary payable	200
Interest revenue	50
Owner draws	3000

Based on the account balances above, net income for Greene Industrial Cleaning is ________. (Points : 20)

$29,100 $18,950 $34,150 $32,150