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Question 35 1 point Previous Next Sales A. Assets B. Liabilities c. Equity D. Revenues OE. Expense Question 36 1 point Previous Ne Amounts owed by business are referred as O A Assets B. Equities C. Liability OD. Capital Question 37 1 point Previous Next At the end of the closing process, the balance in the Income Summary account equals: A. Zero OB. Net Income c. Revenues OD. Expenses Question 38 1 point Previous Next Rental Services, Inc. earned $2,000 of Rental Revenue in December 2001, but does not expect payment until January 2002. What is the appropriate accrual entry at December 31, 20012 O A. Debit Rent Receivable; credit Cash B. Debit Rent Receivable; credit Rent Revenue. O c. Debit Rent Revenue; credit Rent Receivable D. Debit Cash; credit Rent Revenue Question 39 1 point Previous Next Inflows of assets from delivering or producing goods, rendering services, or other services. A. Assets O B. Liabilities O c. Equity D. Revenues O E. Expense Question 40 1 point Previous Ne Yusoph's Hotel has revenue of $465,000, gain on sale of $14,000 and profit of $114,000. How much were the expenses? O A. $345,000 O B. $365,000 O c. $390,000 OD. $218,000