need questions 29-34 answered
data is on the bottom
29. Refer to the above data. What is the balance in the Cash account at the end of March? A. $283,000 B. $343,000. C. $318,000. D. $378,000. 30. Refer to the above data. What are total assets of Quality Galleries at the end of March? A. $283,000. B. $162,000. C. $445,000. D. $480,000. 31. Refer to the above data. What is the balance in the Note Payable nocount at the end of March? A. $120,000. B. $85,000. C. $35.000. D. $155,000 32. Refer to the above data. What is the total owners' equity at the end of March? A. $283,000. B. $445,000 C. $480,000. D. $360,000. 33. Eagle News has a $6,000 account receivable from one of its advertisers, Allwood Floors. When Eagle receives $3,600 from Allwood as partial payment: A. Eagle should debit Accounts Receivable for $3,600. B. Eagle should credit Cash for $3,600. C. Eagle should credit Accounts Receivable for $3,600. D. Eagle makes no journal entry until the total of $6,000 is received from Allwood. 34. Bruno's Pizza Restaurant makes full payment of $8.300 on an account payable to Stella's Cheese Co. Stella's would record this transaction with a: A. Debit to Accounts Payable for $8,300. B. Credit to Cash for $8,300. C. Credit to Accounts Receivable for $8,300. D. Credit to Accounts Payable for $8,300. 24. Sally Smith had y Smith had expenses of $800 in June which she paid in July. She declared these expenses on her June income statement. By doing this she is following the accounting principle o: A. Revenue realization B. Adequate disclosure C. Matching D. Conservatism 25. The purchase of equipment on credit is recorded by a: A. Debit to Equipment and a credit to Accounts Payable. B. Debit to Accounts Payable and a credit to Equipment. C. Debit to Equipment and a debit to Accounts Payable. D. Credit to Equipment and a credit to Accounts Payable. 26. Which of the following accounts normally has a debit balance? A. Accounts payable. B. Retained earnings. C. Accounts receivable. D. Service revenue. 27. The process of originally recording a business transaction in the accounting records is termed: A. Journalizing. B. Footing. C. Posting D. Balancing. 28. If a company purchases equipment on account: A. Assets will increase and owners' equity will also increase. B. Assets will increase and owners' equity will decrease. C. Assets will increase and owners' equity will remain unchanged. D. Assets will increase and liabilities will decrease. The following transactions occurred during March, the first month of operations for Quality Galleries. Inc.: * Capital stock was issued in exchange for $360,000 cash. * Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance. * Made a $35.000 cash payment on the note payable from the purchase of equipment. * Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale
