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Question 1 1 point Previous Next If accounts Payable has debit postings of $170,000, credit postings of $140,000, and a normal ending balance of $60,000, which of the following was its beginning balance? O A. $30,000 Cr B. $30,000 Dr. O c. $90,000 Dr D. $90,000 Cr Question 2 1 point Previous Next Alza is famous for fashion wristwatches. At the end of a recent year, Aiza's total assets added up to $408 million, and owners' equity was $253 million. Assume that Alza sold watches to Nasmerah on account for $60 million. How much were Aiza's asset? A. $143 million B. $468 million c. $123 million OD. $408 million Question 3 1 point Previous Next The asset account, Supplies, has a balance of $1,950 at the beginning of the year and was debited during the year for $5,600, representing the total of supplies purchased during the year. If $1,500 of supplies is on hand at the end of the year, Supplies Expense reported on the income statement for the year is: A. $1,500 O B. $1,900 O c. $5,600 OD. $6,050 Question 4 1 point Previous Next Advance payments for services are called: O A Unrecorded Revenues B. Unrecorded Expenses O c. Prepaid Expenses O D. Unearned Revenues Question 6 1 point Previous Next An expense has not been paid and has not yet been recognized in the accounts by a routine entry. To properly adhere to the Matching Principle, which of the following is required: O A. Capital Stock entry OB. Deferral entry c. Accrual entry D. Inventory entry Question 7 1 point Previous NEXT The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. The adjusting entry required at the end of the period is: A. Debit: Unearned Rent; Credit: Rent Revenue B. Debit: Cash: Credit: Unearned Rent OC. Debit: Unearned Rent: Credit: Rent Expense o D. Debit: Rent Expense; Credit: Cash Question 8 1 point Previous Next For sole-proprietorships, the balance in the Drawings account is transferred to: A. Capital B. Retained Earnings c. Capital Stock D. Drawings Question 9 1 point Previous Next Aiza is famous for fashion wristwatches. At the end of a recent year, Aiza's total assets added up to $408 million, and owners' equity was $253 million. How much were Aiza's liabilities? O A. Cannot be determine from given data B. $155 million c. $123 million OD. $143 million Question 10 1 point Previous Next The normal balance of an account is on the A. side represented by decrease in the account balance B. debit side of the account C. side represented by increases in the account balance D. credit side of the account