ollowing is a list of account balances (except for owner's capital) of Wilson Mowing Service as of December 31 of the first year of operation: Accounts receivable $ 2,500 Accounts payable 3,500 Salary expense 4,500 Repairs expense 800 Truck 8,500 Equipment 6,300 Notes payable 8,200 Cash 6,800 Supplies expense 1,600 Service revenue 31,900 Gasoline expense 3,800 Salary payable 200 The proprietor, J.D. Wilson, contributed $3,000 at the beginning of the year; during the year, the proprietor made $12,000 in drawings. At the end of the year, what is the amount of total owner's equity? Question 1Answer a. $12,200 b. $24,100 c. $21,200 d. $11,900 Question 2 Not yet answered Marked out of 1.00 Flag question Question text Which of the following represents the expanded Accounting Equation? Question 2Select one: a. Asset + Expenses + Income + Liabilities = Capital b. Asset + Expenses + Income = Capital + Liabilities c. Asset + Expenses + Income +Capital = Liabilities. d. Assets + Expenses = Capital + Income + Liabilities. Question 3 Not yet answered Marked out of 1.00 Flag question Question text Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total assets? Question 3Answer a. $24,200 b. $25,700 c. $5,200 d. $20,200 Question 4 Not yet answered Marked out of 1.00 Flag question Question text Net income is $29,000. Beginning capital balance was $34,000. Ending capital balance was $55,000. No capital contributions were made by the owner during the year. What number of drawings was made? Question 4Answer a. $5,000 b. $18,000 c. $8,000 d. $60,000 Question 5 Not yet answered Marked out of 1.00 Flag question Question text Following is a list of account balances (except for owner's capital) of Wilson Mowing Service as of December 31 of the first year of operation: Accounts receivable $ 2,500 Accounts payable 3,500 Salary expense 4,500 Repairs expense 800 Truck 8,500 Equipment 6,300 Notes payable 8,200 Cash 6,800 Supplies expense 1,600 Service revenue 31,900 Gasoline expense 3,800 Salary payable 200 The proprietor, J.D. Wilson, contributed $3,000 at the beginning of the year: during the year, the proprietor took $12,000 in drawings. At the end of the year, what is the amount of total liabilities? Question 5Answer a. $21,200 b. $24,100 c. $12,200 d. $11,900 Question 6 Not yet answered Marked out of 1.00 Flag question Question text Bill purchased office supplies for $500 cash. What is the effect on accounts? Question 6Answer a. Cash account increases; Accounts payable increases. b. Supplies account increases, Cash account decreases. c. Cash account increases; Supplies account increases. d. Supplies account increases, Owner's capital account increases. Question 7 Not yet answered Marked out of 1.00 Flag question Question text Which of the following states that the total amounts of assets equals the total of the owners equity and total liabilities? Question 7Select one: a. Conservative or Prudence concept. b. Dual Concept. c. Money Measurement Concept. d. Going Concern concept. Question 8 Not yet answered Marked out of 1.00 Flag question Question text In keeping with flow of the accounting cycle, transactions are first recorded in which of the following: Question 8Select one: a. The books of original entry. b. The General Ledger. c. The Subsidiary Ledger. d. The Unadjusted Trial Balance. Question 9 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is the correct term for an expense owing at the end of an accounting period? Question 9Select one: a. Accrued Expense. b. Prepaid Expense c. Prepaid Income d. Accrued income. Question 10 Not yet answered Marked out of 1.00 Flag question Question text A series of sequential steps leading to the financial statements is referred to as? Question 10Select one: a. Financial Accounting cycle b. Generally Accepted accounting Principles c. Financial Statements d. Financial Management Question 11 Not yet answered Marked out of 1.00 Flag question Question text Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no capital contributions during the year but did make withdrawals of $60,000. The net change in Scott's owner's equity for the year is a: Question 11Answer a. $50,000 increase. b. $30,000 decrease. c. $40,000 increase d. $10,000 decrease Question 12 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is not an asset account? Question 12Select one: a. Premises. b. Cash at bank. c. Stock. d. Creditors. Question 13 Not yet answered Marked out of 1.00 Flag question Question text Which of the following states that revenues are recognized only when they are certain, whereas expenses are recognized as soon as they can be reasonably estimated? Question 13Select one: a. Conservative or Prudence Concept b. Cost concept c. Matching or accrual concept d. Going Concern concept Question 14 Not yet answered Marked out of 1.00 Flag question Question text A debit entry may signify which of the following? Question 14Select one: a. A decrease in an asset account. b. Decrease in a liability account. c. Decrease in an expense account. d. Increase in a capital account. Question 15 Not yet answered Marked out of 1.00 Flag question Question text If assets are $900,000, capital $500,000, then using the basic accounting equation what is liability? Question 15Select one: a. $1,400,000 b. $400,000 c. $900,000 d. $500,000 Question 16 Not yet answered Marked out of 1.00 Flag question Question text Sharon Samson starts a plumbing service called Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total liabilities? Question 16Answer a. $19,000 b. $4,000 c. $15,000 d. $4,400 Question 17 Not yet answered Marked out of 1.00 Flag question Question text Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all the transactions, what is the amount of total owner's equity? Question 17Answer a. $5,200 b. $20,200 c. $7,700 d. $7,300 Question 18 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is not an example of an expense from a companys prospective? Question 18Select one: a. Salaries b. Office supplies c. Utilities d. Furniture Question 19 Not yet answered Marked out of 1.00 Flag question Question text Hamilton Lawn Service earned $1,000 for services rendered and collected cash from its customer. What is the effect on accounts? Question 19Answer a. Cash account increases; Accounts payable increases. b. Cash account increases; Accounts receivable increases. c. Cash account increases; Supplies account decreases. d. D) Cash account increases; Owner's capital account increases. Question 20 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is the correct term for an expense paid in advance of accounting period in which it is due? Question 20Select one: a. Accrued Expense. b. Accrued income. c. Prepaid Expense d. Prepaid Income