Name: Date: 1. At October 1, 2014, Metz Industries had an Accounts Payable balance of $70,000 During the month, the company made purchases on account of $50,000 and made payments on account of $80,000. At October 31, 2014, the Accounts Payable balance is A) $70,000 debit B) $10,000 credit C) $40,000 credit D) $80,000 credit 2. The amount of stock that may be issued according to the corporation's charter is referred to as the A) unissued stock. B) Issued stock. C) outstanding stock. D) authorized stock 3. A characteristic of a plant asset is that it is A) held for sale in the ordinary course of the business. B) intangible. C) used in the operations of a business. D) not currently used in the business but held for future use. 4. Which accounts normally have credit balances? A) Revenues, liabilities, and expenses B) Revenues, liabilities, and assets C) Revenues, liabilities, and dividends D) Revenues, liabilities, and retained earnings 5. Which of the following would be deducted from the balance per books on a bank reconciliation? A) Outstanding checks. B) Service charges. C) Deposits in transit. D) Notes collected by the bank